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Income Beneficiary: An individual designated to receive distributions of trust income.

Independent Agent: One who has the unlimited ability to select the best product for the consumer from virtually any insurance company.

Index Rate: A variable interest rate that is tied to an index.

Individual Application: An application with only "one" applicant. Only the individual applicant's debt, income, and credit history are used to qualify the loan. (For example, if a customer is married and applying individually, the applicant̆ÿs spousĕÿs income would not be used to qualify the loan.)

Installment Loan: A type of loan in which borrower(s) make regular periodic payments for the life of the loan.

Installment Note: A promissory note that by its terms is payable in periodic installments, such as monthly or quarterly payments of principal or interest or both.

Insurability: The determination by the insurance company that you are an insurable risk.

Interest: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time.

Interest Rates: With regard to permanent life insurance, is the rate of return applied to the investment portion of the policy.

Interest Rate Cap: Consumer safeguards that limit the amount the interest rate on a variable rate loan can change in an adjustment interval and/or over the life of the loan.

Interest YTD: The total amount of interest you have paid on your loan so far during the current calendar year.

Intestate: An individual who died without a valid will.

IRA Account: IRAs provide members with a low-risk retirement savings option. They are also an excellent complement to an employer’s 401k Plan. Members can contribute gradually through payroll deduction, a lump sum deposit, in person by mail or by wire. The minimum balance on this account is $1.00. Dividends compound daily and are paid on the last day of each month.

IRA Certificate of Deposit: Any term certificate can be used as an IRA Certificate and provides members with a low-risk retirement savings option. A Certificate of Deposit is a term savings account that provides the member with an alternative investment offering a higher yield in a low-risk environment. Terms extend from 3 months to 5 years. A $500 minimum deposit is required. Dividends are compounded monthly and paid monthly. Non-checking members receive quarterly statements with this account.

Irrevocable Trust: A trust created for the permanent transfer of assets. Unlike a revocable trust, it cannot be changed or revoked by the person who created it.