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
Same as term : Self Insurance: protecting against loss by setting aside one's own money. This can be done on a mathematical basis by establishing a separate fund into which funds are ...
a large number of homogeneous exposures (in order for the deviation of actual losses from expected losses to approach zero, and thecreditability of the prediction to approach one). loss ...
Property coverage for damage or destruction of structures in the course of construction. For example, the standing frame of a house destroyed by fire would be covered. ...
Arrangement under which employees may choose their own employee benefit structure. For example, one employee may wish to emphasize health care and thus would select a more comprehensive ...
one in which the amount and frequency of payment may fluctuate. ...
Trade group of independent claims adjusters who settle claims for insurance companies on a fee basis. Some insurers use their own staff adjusters to settle a claim. Others use an ...
Entitlement of a participant in an employee benefit insurance plan to receive benefits regardless of his or her employment status. ...
Date at which insurance protection begins. ...
Statutory surplus plus the interest maintenance RESERVE plus the ASSET VALUATION RESERVE. ...
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