A plan of insurance providing for a cash payment of a definite sum of money to the certificate owner at the maturity date if the insured is then living. If the certificate owner dies before this date, the specified sum is paid to a beneficiary. Endowment certificates are no longer sold. An endowment certificate should not be confused with a Modified Endowment Contract.
A mutual fund that invests in a mixture of dividend-paying stocks and bonds to provide shareholders with current income and, as a secondary goal, growth of capital.
The possessions of a deceased person.
A federal or state tax imposed on an individual's assets inherited by heirs.
A mutual fund feature that allows a shareholder to convert from one fund to another fund within the same mutual fund family. Mutual funds do not usually charge a fee when an investor takes advantage of an exchange privilege. However, some funds have specific parameters as to when or how many times an investor may use the exchange privileges.
Calculation used to determine the taxable portion of annuity payments made to the annuitant.
The person named in a will and appointed by the court to dispose of the deceased person's property in accordance with the terms of the will. If the deceased died intestate, i.e., without a will, the property is disposed of through a court appointed administrator. The generic term "personal representative" is often used to include both executors and administrators.
Charges levied against either premiums paid or the account value during the life of the certificate. Expense charges include certificate fees and other fees associated with certificate administration.