What does Schedule K-1 mean? Read on to discover the definition & meaning of the term Schedule K-1 - to help you better understand the language used in insurance policies.
A schedule K-1 is a tax form through which an income tax earner can pass liability for their income to another party, often a beneficiary of this earned income.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Schedule K-1. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: