Deferred Group Annuity
Definition of "Deferred group annuity"
Retirement income payments for an employee that begin after a stipulated future time period, and continue for life. (A beneficiary of a deceased annuitant may receive further income, depending on whether the contract is a pure annuity or refund annuity). Each year, contributions are used to buy a paid-up single premium deferred annuity. These increments, added together, provide income payments at retirement.
Popular Insurance Terms
States that preclude the placement of surplus lines with particular insurance companies. ...
In general, a civil wrong, other than breach of contract, for which a court will provide a remedy in the form of a suit for damages. Torts include negligent acts or omissions on the part of ...
Statement by an auditor or certified public accountant indicating if a company's financial statements fairly present its true financial condition. A statement of opinion may be unqualified, ...
Types of reinsurance instruments under which the amount of risk transferred is more limited than under traditional risk reinsurance instruments. The limitations on risk transfer take the ...
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 ...
Instrument that uses noncombustible substances such as carbon dioxide to deprive a fire of oxygen, thereby extinguishing it. ...
Total amount of insurance coverage available for an insured. ...
Improvements or renovations to a leased business or residential property made by a tenant to meet its particular needs. Loss of use of these improvements as a result of damage is covered by ...
Model act written and published by the national association of insurance commissioners (naic) whose purpose it is to regulate brokers who control insurance companies. The act permits the ...
Have a question or comment?
We're here to help.