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
Affiliate of the national association of life underwriters (NALU) that supports legislators in the interest of the insurance agents. One becomes a member of LUPAC through a monetary ...
Individual receiving medical treatment who is not required to be hospitalized overnight. ...
Association that represents reinsurance companies as well as insurance companies that do not market marine insurance. LIRMA and the institute of London underwriters share the same facility ...
Rules that apply to employee distributions (see rollover and withholding rules for qualified plan distributions: payment paid to employee) and that also apply to distributions to surviving ...
Same as term Blanket Insurance: single policy on the insured's property for (1) two or more different kinds of property in the same location; (2) same kind of property in two or more ...
Act by a company that authorizes an agent to act on its behalf. ...
Four-year institution of higher learning. The degree programs include insurance, risk management, actuarial science, and financial services. ...
One of the major underwriting organizations for insurance company pools insuring commercial aircraft liability exposure. ...
Coverage for damage to a building or its contents due to the weight of these elements. Outdoor property such as patios, swimming pools, and sidewalks are usually excluded. ...
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