Employee Benefit Insurance Plan
Provision by an employer for the economic and social welfare of employees. Generally include: pension plans for retirement; group life insurance for death; group health insurance for illness and accident; group disability income insurance for loss of income due to illness and accident; and accidental death and dismemberment. Dental insurance, eyeglass insurance, and legal expense insurance may be included. These plans are established for the reasons of morale, to reduce turnover, and for tax benefits (contributions are usually deductible as business expenses to employers and not currently taxable income to employees).
Popular Insurance Terms
Liability coverage mandated by the employee retirement income security act OF 1974 (erisa) under which employers are required to purchase insurance to cover their contingent liability for ...
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Anticipated insurance-related costs, not including claims-related costs. ...
Same as term Defined Benefit Plan: retirement plan under which benefits are fixed in advance by formula, and contributions vary. The defined benefit plan can be expressed in either of two ...
Specified requirements of minimum age and years of service to be met by an employee before the individual's benefits are vested. For example, under the ten year vesting rule, "n employee ...
Primary responsibility for overseeing the insurance industry that has rested with individual states since 1945, after Congress passed the MCCARRAN-FERGUSON ACT (PUBLIC LAW 15). In addition ...
Cost incurred in adjusting a claim. Claim-adjustment expenses include such items as attorneys' fees and investigation expenses (e.g., witness interviews). The claim settlement dollar amount ...
Policy that pays benefits only when coverage under other applicable insurance policies has become exhausted. For example, the personal umbrella liability policy pays after the liability ...
Coverage for property damage caused by untimely discharge from an automatic sprinkler system. This coverage, available through an endorsement to the Standard Fire Policy, typically excludes ...
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