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
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Contract guaranteeing that a person licensed by a city, county, or state agency will perform activities for which the bond was granted, according to the regulations governing the license. ...
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Reinsurance clause that stipulates that the reinsurer will be subject to the same fate as the ceding company. ...
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Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
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Peril that occurs when personal property of two or more people is mixed to such an extent that any one owner can no longer identify his or her property. ...
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