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SEC

The Securities and Exchange Commission is the U.S. government agency that has regulatory authority over all matters dealing with securities.  


Securities  
Specific stocks, bonds and other investment vehicles.    


SEP-IRA
  
A Simplified Employee Pension (SEP) is essentially a group of IRAs paid for by the employer. This pension plan allows employers to contribute to SEP-IRA plans, on behalf of their employees, an amount greater than the Traditional IRA limitations. The main advantage of the SEP-IRA to the employer is that the administrative burdens are few and the plan is simple to install.  


Settlement option
  
One of the methods – other than payment of a lump sum – by which the certificate owner or beneficiary receives the proceeds of a life insurance or annuity certificate.  


SIMPLE IRA
  
The "Savings Incentive Matching Plan for Employees." SIMPLE IRAs are Individual Retirement Annuities funded with employee elected salary deferrals and matching or nonelective employer contributions. Suited for small businesses with less than 100 employees earning $5,000 or more in the previous calendar year and the same or greater anticipated earnings for the current calendar year.  


Simplified employee pension
  
See SEP-IRA  


Single premium deferred annuity
  
An annuity product through which a single payment accumulated at interest creates a fund that will be paid to the annuitant at some future date. This is often shortened to SPDA.  


Single premium whole life (SPWL)
  
Whole life permanent insurance. One premium payment is made at purchase, and no further premiums are required.  


SIPC (Securities Investor Protection Corporation)
  
A nonprofit corporation established by an act of Congress in 1970 to protect the customers of brokerage firms from the insolvency of those firms.  All broker-dealers registered with the Securities and Exchange Commission and with a national exchange are required to join.  SIPC provides up to $500,000 in protection, of which no more than $100,000 may be in cash.  


SPDA
  
Single Premium Deferred Annuity.  


SPIA  

Single Premium Immediate Annuity.  


Stock redemption
  
A transaction in which a corporation buys back its own shares from a shareholder, or the estate or heir of a deceased shareholder.


Subaccount 
 
A subdivision of the variable account that invests exclusively in shares of a designated investment option of a fund.  


Suicide clause
  
A life insurance provision that limits the insurer's liability to a return of the premiums paid if the insured dies by suicide during the first two certificate years, or one year in a small number of states.  


Surrender charge
  
A penalty paid by the certificate owner for voluntary termination of a back-end loaded life insurance or annuity certificate during its surrender charge period. The amount of the surrender charge is deducted from the account value and resulting cash surrender value is paid to the certificate owner. For annuity products, the annuitant will never receive less than the principal minus any withdrawals upon surrender.  


Surrender charge period
  
A period of years commencing on the certificate’s register date in which the surrender charge is assessed.


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