Employers Legal Obligation To Fund
Pension plan format. After deciding how much to contribute, the employer can suspend, reduce, or discontinue contributions during the first 10 years only for reasons of business necessity; otherwise the employer will face a substantial IRS tax penalty. If a plan is terminated or if contributions to the plan are discontinued, the employer is only liable for benefit payments for which contributions were previously made.
Popular Insurance Terms
Bureau insurer that files its statistical and underwriting experience with a rating bureau. ...
Agreement prepared by an insurance company and offered to prospective insureds on a take-it-or-leave-it basis. If the contracts are misinterpreted by insureds, courts have ruled in their ...
Independent agency supported by the insurance industry that tests a variety of materials, products, and devices, such as appliances and electrical equipment, to assure that they meet safety ...
Coverage for persons whose medical history includes serious illness such as heart disease or whose physical condition is such that they are rated below standard. A policy may specifically ...
Percentage of income required by a retiree to maintain a desired standard of living during the retirement years. ...
Commission paid to an agent after the first year commission has been paid to that agent. Renewal commissions generally form a substantial portion of an agent's income after four years in ...
Five primary sectors of insurance coverage. Their purposes are: LIFE INSURANCE provides income to a beneficiary in the event of the death of the insured. HEALTH INSURANCE provides two types ...
Health insurance plan where a group of physicians and dentists provide medical services to a group of individuals for a predetermined fee. It is a basic type of HEALTH MAINTENANCE ...
Circumstance in which there is a probability loss to personal property or real property resulting from property damage, destruction, or disappearance. ...
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