MODIFIED ENDOWMENT CONTRACT - MEC
An endowment contract where the cumulative premium payments surpass certain amounts indicated under the Internal Revenue Code. If the endowment period is larger than the policy’s face value, the life insurance policy will be a Modified Endowment Contract (MEC). Taxation under this is the same with the taxation under an annuity, and also the death benefit given to the beneficiary is not subject to income tax.
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Short Leg
Short Leg is a contract where an individual holds a short position. The contract is in the option spread created by the trader by purchasing a put ...
Borrowing Base
Money a lender will loan to a company. The borrowing base is usually determined by a method called margining, where the lender determines a discoun ...
Swaziland Lilangeni
Currency abbreviation for the Swaziland Lilangeni, the official currency of Swaziland. The currency is comprised of 100 cents and presented with th ...
Deposit/Withdrawal At Custodian - DWAC
A method of electronically transferring new shares or paper share certificates from the Depository Trust Company (DTC), which acts as a clearinghou ...
Economic Stimulus
Plans to financially stimulate an economy. It implements monetary or fiscal policy changes to bolster a lagging or struggling economy. Governments ...
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