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Individual Retirement Account (IRA)
A retirement account to which you can contribute up to $3,000 per year (or 100% of your compensation, whichever is less) in 2002 through 2004. The limit increases to $4,000 per year in 2005 through 2007, and to $5,000 in 2008 and beyond. Individuals aged 50 and older may also be eligible to make a $500 catch-up contribution for 2002 through 2005 and $1,000 more each year thereafter. IRAs give your money the potential to grow tax deferred and, depending on your personal circumstances, contributions may be tax deductible (withdrawals prior to age 59 1/2 may be assessed a 10% IRS penalty). Withdrawals from IRAs are taxed at then-current rates.

Insured
The person who is insured under the policy.

Insurer
Party that provides insurance coverage typically through a contract of insurance.

Interest Rate
The rate being charged by or being paid by a bank for use of credit or monies.