Insurance Glossary
Insurance terms and definitions from SC1.
Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact SC1 today to learn more.
529 SAVINGS PLANS
State-administered plans designed to encourage households to save for college education. Named after a part of the Internal Revenue tax code, these saving plans allow earnings to accumulate free of federal income tax and sometimes to be withdrawn to pay for college costs tax-free. There are two types of plans: savings and prepaid tuition. Plan assets are managed either by the state’s treasurer or an outside investment company. Most offer a range of investment options.
NOTICE: These glossary definitions provide a brief description of the terms
and phrases used within the insurance industry. These definitions are not applicable
in all states or for all insurance and financial products. This is not an insurance
contract. Other terms, conditions and exclusions apply. Please read your official
policy for full details about coverages. These definitions do not alter or modify
the terms of any insurance contract. If there is any conflict between these definitions
and the provisions of the applicable insurance policy, the terms of the policy control.
Additionally, this informational resource is not intended to fully set out your rights
and obligations or the rights and obligations of the insurance company, agent or agency.
If you have questions about your insurance, you should contact
your insurance agent, the insurance company, or the language of the insurance policy.
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