Deferred Compensation Plan
Means of supplementing an executive's retirement benefits by deferring a portion of his or her current earnings. Deferring income in this manner encourages the loyalty of executives. To qualify for a tax advantage, the IRS requires a written agreement between an executive and the employer stating the specified period of deferral of income. An election by an executive to defer income must be irrevocable and must be made prior to performing the service for which income deferral is sought.
Popular Insurance Terms
Health insurance plan where a group of physicians and dentists provide medical services to a group of individuals for a predetermined fee. It is a basic type of HEALTH MAINTENANCE ...
Period of time during which notice of claim and proof of loss must be submitted by the insured or his or her legal representatives. ...
First historical mortality table used for the calculation of premium rates for group annuities. This table was subsequently replaced by the group annuity table, 1971. ...
Law under which one state gives favorable tax treatment to an insurance company domiciled in a different state that is admitted to do business, provided the second state does the same for ...
Largest property and casualty insurance company trade association in the world (international membership)whose objectives include the service of its membership through positive legislation ...
Income (premiums + investment earnings) minus disbursements (dividends + death claims + policies surrendered for benefits + general expenses). ...
Clause in a property insurance policy that requires the insurance coverage in that policy to be allocated in the proportion that it bears to the total insurance coverage in force from all ...
Decision in the absence of a plaintiff or defendant at the specified court time. ...
Life is unpredictable so to compensate this, people have invented insurance. Insurance deals with unforeseen events. Sometimes insurance companies cover only a part of your losses and a few ...
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