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Annuitization - Process by which you convert part or all of the money in a qualified retirement plan or nonqualified annuity contract into a stream of regular income payments, either for your lifetime or the lifetimes of you and your joint annuitant. Once you choose to annuitize, the payment schedule and the amount is generally fixed and can't be altered. Protected Cell Company (PCC) - A PCC is a single legal entity that operates segregated accounts, or cells, each of which is legally protected from the liabilities of the company's other accounts. An individual client's account is insulated from the gains and losses of other accounts, such that the PCC sponsor and each client are protected against liquidation activities by creditors in the event of insolvency of another client. Insurance ID Card
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Revolving Debt: A debt that can be repeatedly available, and so, the borrower does not have to reapply for credit again and again. Instead, the creditor approves a credit limit, which is the maximum amount that the debtor can borrow, as periodic repayments are made. Revolving debt usually has a variable interest rate, and the repayments are based on a percentage of the balance. The most common example is borrowing using credit cards. Withdrawn: A decision to not pursue a bankruptcy, a lien, etc. Major Purchase: A purchase that involves a significant amount of money.
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Active Account: An account characterized by many transactions, with transaction activity having been reported in the last 90 days to a Credit Reporting Agency. Noncancellable - Contract terms, including costs that can never be changed. SPRINKLER INSURANCE
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Status Principal: The actual amount borrowed, which does not include the rate of interest. Financing Entity - Provides money for purchases.
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