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DEFINITION of 'Bank-Owned Life Insurance-BOLI'. A form of life insurance purchased by banks where the bank is the beneficiary, and/or owner.This form of insurance is a tax shelter for the administering bank, as it is a tax-free funding scheme for employee benefits.Next Up.ll premiums paid into the fund, as well as all capital appreciation, are tax free for the bank. Therefore, banks can use the BOLI system to fund employee benefits on a tax-free basis.
Mutual fund. Definition: Mutual funds are pools of money that are managed by an investment company. They offer investors a variety of goals, depending on the fund and its investment charter. Some funds, for example, seek to generate income on a regular basis. Others seek to preserve an investor's money. Still others seek to invest in companies that are growing at a rapid pace. Funds can impose a sales charge, or load, on investors when they buy or sell shares. Many funds these days are no load and impose no sales charge. Mutual funds are investment companies regulated by the Investment Company Act of 1940. Related: open-end fund, closed-end fund.