Tax And Insurance Escrow Financial Glossary

What is it? An account required by some mortgage lenders to fund annual property tax assessments and hazard insurance premiums for the mortgaged property.

Finance Term Definition Added By: Charlotte

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Other Similar Finance Terms:

Financial Term Stock Fund is A mutual fund that invests primarily in stocks.

Financial Term Withholding Tax is A portion of an employees income withheld by the employer as partial payment of income tax.

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Financial Term prior service costs is Costs that arise from amendments to defined benefit pension plans that retroactively increase benefits. In rare cases, retroactive amendments that decrease benefits can create negative prior service costs. Under FAS 87 rules, these costs are not added to the minimum pension liability reported on the balance sheets for sponsors of underfunded defined benefit pension plans. Instead, the costs are amortized over the projected remaining service lives for the employees expected to receive benefits. The amortization increases the reported benefit expense of the sponsoring firm. The unamortized portion of this off-balance sheet liability is disclosed as unrecognized prior service costs in a footnote to the financial statements.

Financial Term Indexation is A method by which payments or benefits go up or down in line with an index of prices or earnings.