Administrative Services Only (aso)
services provided in an employee benefit plan such as a pension plan. An employer provides the clerical staff to operate the plan, in effect acting as custodian. The trustee provides direction for investment of the plan's funds, usually in a self-directed investment account. Trustee plans are gaining in popularity as both the employer and employees seek more control over pension funds investments. In a self-insured property or liability plan the group may have an ASO contract with an insurance company or a third-party administrator to handle claims processing and administration.
Popular Insurance Terms
Agreement in which spouse X (the spouse who is mandated by the court to make alimony and/or child support payments to spouse Y) must put assets (the principal) in a trust, from which the ...
Procedure in which investment income is paired with each life insurance policy according to the time frame in which the premiums for that particular policy are received. ...
Coverage for numerous perils such as that found in the broad form personal theft insurance. ...
Element usually found in industrial life insurance policies under which the insurance company upon the death of the insured under certain conditions is allowed to choose the beneficiary if ...
Method of valuing a reserve under which no reserve is established for a life insurance policy at the end of the first policy year, but reserves are established at the end of the second ...
Individuals who inherit assets as the result of being named in a will. ...
Minimum of care owed by one party for the physical safety of another. Liability suits are brought because of negligent acts and omissions resulting from failures to exercise due care. ...
Condition for inland marine liability insurance coverage that states a loss or claim must occur in the policy territory. Policy territory for a liability policy includes the U.S., its ...
Circumstance in which no agent is servicing a debit. ...
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