This glossary was prepared by LOMA (Life Office Management Association, Inc.) to help you understand commonly used insurance terms. We are proud to offer it here as an exceptional learning resource.

Copyright © 2002 LOMA (Life Office Management Association, Inc.) All rights reserved.

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1035 exchange

See Section 1035 Exchange.

1099

See IRS Form 1099.

20 percent rule

See percentage-of-income rule.

401(k) plan

In the United States, a special type of profit-sharing plan, savings plan, or retirement plan that is established by employers for the benefit of employees and that allows both employers and employees to make specified contributions to the plan on a tax-deferred basis.

403(b) plan

In the United States, an arrangement that allows not-for-profit employers and their employees to make contributions to a tax-deferred retirement savings plan established for the benefit of employees.

457 plan

In the United States, an arrangement that allows state and local governments and their employees to make contributions to a tax-deferred retirement savings plan established for the benefit of employees.

5498

See IRS Form 5498.