Employers Contingent Net Worth Liability Determination
Definition of "Employers contingent net worth liability determination"
Requirement upon termination of a pension plan; an employer must reimburse the pension benefit guaranty corporation (pbgc) for any loss that the PBGC incurs as the result of paying employee benefits that were the responsibility of the employer. The law requires reimbursement of up to 30% of the plan's net worth without regard to any contingent liability. This net worth is increased by escrowing or transferring any assets by the employer in contemplation of the plan's termination.
Popular Insurance Terms
Form of accident insurance that indemnifies or pays a stated benefit to insured or his/her beneficiary in the event of bodily injury or death due to accidental means (other than natural ...
Agent who is licensed and who markets and services insurance policies in a state in which he or she is not domiciled. ...
Additional amount of life insurance above that provided by the employee benefit plan (standard group life plan) that may be chosen by the employee. A limit is usually placed on this maximum ...
Event that results in bodily injury and/or property damage to a third party. A clause that is common to most liability insurance policies stipulates that all bodily injuries and/or property ...
In many health insurance and dental insurance policies, stipulation that, if the estimated cost of a recommended plan of treatment exceeds a specified sum, the insured must submit the plan ...
Conversion of form of ownership from a mutual insurance company to a stock insurance company. Interest in demutualization of life insurance companies surged in the early 1980s among many ...
Arrangement by which the insured agrees to incur a given degree of variability in the ultimate total costs associated with financing its losses. ...
in a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. In double indemnity, twice the face value of the policy ...
Company formed and operated without the profit motive as its normal business objective; normally sells and services health insurance policies. ...
Have a question or comment?
We're here to help.