Flexible Benefit Plan
Employee benefit plan that allows the employee to choose among several different benefits offered by the employer. In essence, the employee is provided with the opportunity to make a trade-off by trading one benefit for another that best meets the employee's needs at a particular point in time. Contributions paid into the plan, whether on a contributory or noncontributory basis, can be allocated to satisfy the needs of a particular employee rather than those of the employees as a whole. The result should be a balance between the employee's primary needs and the benefit/cost constraints. Among the personal choices that the employee can make are health care plans (choices in types and amount of coverages), WELLNESS PROGRAM plans, child-care benefits, and LONG-TERM CARE (LTC) PLANS.
Popular Insurance Terms
Reinsurance term under which the reinsurer exercises its faculty or prerogative to insure a risk or reject a risk from a ceding company. ...
One of two bureaus that writes forms and files standard rates for inland marine insurance. The other is the inland marine insurance bureau. ...
Costs incurred by an insurance company other than agent commissions and taxes; that is, mainly the administrative expense of running a company. ...
Act first passed by the United States Congress in 1981 and later amended in 1986 that provides for the establishment of risk retention groups whose purpose is to sell product liability ...
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Insurance company's reinsurance commissions and expense allowances divided by its adjusted surplus account. The smaller this ratio, the more financially sound the insurance company, since ...
Statute in most states under which, if no evidence exists in a common disaster (when an insured and beneficiary die within a short time of each other in an accident for which determination ...
Combination of contributions of many investors whose money is used to buy stocks, bonds, commodities, options, and/or money market funds, or precious metals such as gold, or foreign ...
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