Definition of "Aso"
Same as term Administrative Services Only: 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
Same as term Medical Examination: physical checkup required of applicants for life and/or health insurance to ascertain if they meet a company's underwriting standards or should be ...
Rejection by an insurance company of an application for a policy. ...
Payment for coverage that remains throughout the same premium-paying period. ...
Ownership of property by two or more persons who do not have rights of survivor ship. The share of a deceased tenant passes to that person's heirs and not to the other tenants. Because ...
Individuals who inherit assets as the result of being named in a will. ...
Addition to a property policy providing coverage for a specified amount. This endorsement is typically used for an unusual or valuable piece of property that does not fit standard ...
Fund that insures mortgages on homes for one to four families; also insures property improvement loans and loans to repair homes after a disaster. It is one of three funds operated by the ...
Individual permitted to enter property with the permission of the owner or the person who controls the property. There is no mutual profit motive; the licensee comes onto the property for ...
Restoration of a policy that has lapsed because of nonpayment of premiums after the grace period has expired. In life insurance the reinstatement time period is three years from the premium ...
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