Indemnity Disability Income Policy
Definition of "Indemnity disability income policy"
Policy used to provide the funds necessary for buy-and-sell agreements whereby an income payment or a series of income payments are paid to the buyer of the disabled partner's interest contained in a partnership life and health insurance plan or disabled stockholder's interest contained in a close corporation plan to reimburse that buyer for the sum paid. If this sum to be paid the buyer by the insurance company exceeds the actual market value of the business at the time of the sale, that sum must still be paid.
Popular Insurance Terms
Act in which volunteers of nonprofit organizations and government entities do not incur liability if they are acting within the scope of their volunteer activities, their actions do not ...
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Professional designation conferred by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania. In addition to professional business ...
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Same as term Captive Insurance Companies Association (CICA): trade association located in New York City, consisting of approximately 200 captive insurance companies. The objective of the ...
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