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
In property insurance policy, clause that stipulates that if legislative acts or acts of the insurance commissioner's office expand the coverage of an insurance policy or endorsement forms ...
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. ...
Common exclusion in life and accidental death insurance (double indemnity) policies, indicating that coverage does not apply unless an insured is a passenger on a regularly scheduled ...
(stop loss) amount over which a health insurance plan pays 100% of the costs in a percentage participation plan. Here, an insured shares costs with the insurer according to some ...
Same as term Accounts Receivable Insurance: coverage when business records are destroyed by an insured peril and the business cannot collect money owed. The policy covers these ...
Bonds sold at a discount from their face value; accumulated interest paid at maturity, as in the case of zero coupon bonds. Interest rate minimum is guaranteed with the prevailing interest ...
Market in which sellers dominate trading and force financial asset prices down. ...
Coverage in the event an insured's automobile is damaged, destroyed, or lost through fire, theft, vandalism, malicious mischief, collision, or windstorm. There are two kinds of property ...
Principle of equity in property, casualty, and health insurance. When two or more policies apply to the loss, each policy pays its part of the loss, unless its terms provide otherwise. For ...
Have a question or comment?
We're here to help.