Group Deferred Annuity
Contract for retirements benefits in which an entire group of employees is underwritten, as opposed to a single annuity for each employee. Each premium pays for an increment of a paid-up annuity; thus a group deferred annuity is a series of single premium paid-up annuities. It may be considered an allocated funding instrument for purchasing retirement benefits. Single premium paid-up annuities that have already been purchased guarantee that an employee will receive retirement income whether or not the employer remains in business at the time he or she retires.
Popular Insurance Terms
Premiums paid with funds that are not borrowed from life insurance. It is important to ascertain the finance charges and the costs/benefits of such a transaction. ...
Discharge of electricity from the atmosphere, one of the perils covered in most fire insurance policies. ...
Earliest age at which an employee can retire without a penalty reduction in pension benefits after having reached a minimum age and served a minimum number of years with an employer. ...
For loss of an obligee in the event that the principal fails to perform according to standards agreed upon between the obligee and the principal. ...
Arguments composed of assumption of risk, contributory negligence, and fellow servant rule. ...
Type of mutual insurance company that requires a substantial initial premium payment. After the initial premium payment is made, future premium payments required will be paid from the ...
Written statement by an insurance company attesting to the powers it has vested in an agent. ...
Arrangement, often funded by life insurance, to continue an employee's salary in the form of payments to a beneficiary for a certain period after the employee's death. The employer itself ...
Person other than the annuitant as designated by the policyholder on whose life expectancy the annuity payment is also based. ...
Have a question or comment?
We're here to help.