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
Date of the initial annuity payment. ...
Transfer of property from a bailor to a bailee; for example, transferring a suit to be cleaned from the bailor (owner) to the bailee (cleaners). ...
Structure. In general, company functions are delegated to several departments: actuarial, agency, claims and loss control, investments, legal, marketing, and underwriting. ...
Circumstance under which the insured maintains that, if an insurance policy covers at least two scheduled items of real or personal property, in the event of a loss applicable coverage ...
Legal capability of those involved in mutual assent of making a contract, including an insurance contract. Those who have been deemed to be incompetent to make a valid contract include ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
Endorsement to an automobile insurance policy that protects an insured in either or both of two circumstances when driving a non owned car: business endorsement if the insured's negligent ...
Written document containing instructions on managing one's assets during one's lifetime. The document may be revoked (unless made irrevocable at creation), terminated, or amended at any ...
Premium income divided by the surplus account. ...
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