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
Life insurance policy provision stating that after the death of an insured, the proceeds from a policy are not immediately paid to the primary beneficiary; instead, they are delayed for a ...
Placement of verbal descriptive information into numerical form for the purposes of analysis. ...
Amount received by the policyholder if the policy is canceled, benefits are reduced, or the premium is reduced. ...
Same as term Claims Made Basis: method of determining whether or not coverage is available for a specific claim. If a claim is made during the time period when a liability policy is in ...
Same as term Expiration File: agents' records showing when clients' policies expire. ...
Same as term Extended Coverage Endorsement: added to an insurance policy or a clause found in an insurance policy that will provide additional coverage for risks to be insured other than ...
Assets from a will transfer into an established life insurance trust. Through this mechanism, assets that have been probated are transferred into a living trust. ...
Annual contributions to a pension plan that exceed or are smaller than the minimum required for future employee benefits currently being earned; and any supplemental liability for past ...
Health insurance that provides coverage for physicians' fees for all services, with the exception of surgeons' fees. ...
Have a question or comment?
We're here to help.