Individual Level Cost Method Without Supplemental Liability
Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future benefits to be paid at retirement is determined (including past service benefits to be credited, if any), and their costs are spread equally over the remaining work experience of the employee. The equation states that the present value of future benefits equals the present value of future costs.
Popular Insurance Terms
Federal agency that regulates commerce across state lines. The ICC does not oversee insurance, which is subject to regulation by the states according to Public Law 15, McCarran-Ferguson ...
Provision in an umbrella liability insurance policy under which the policy will pay those losses that come within the retention limits of the primary policy, but the primary policy cannot ...
Market in which buyers dominate trading and force financial asset prices up. ...
Individual or organization that is a potential purchaser of an insurance product. ...
Events that do not have any influence on the occurrence or nonoccurrence of another event; for example, a plane crashing in Shreveport should have no influence on a plane crashing in Dallas. ...
Person who uses personal property such as an automobile with permission of an owner. For example, for insurance purposes, someone who uses an automobile with the owner's permission would be ...
Combination property, liability, and business interruption policy. It is usually written to cover expenses of small and medium size businesses resulting from damage or destruction of ...
Insured plan under which the insurance company agrees to provide the insured with a series of benefits on a benefits-paid basis plus administrative services on a stipulated-fee basis. This ...
Federal legislation passed in 1974 that mandated that legislators in all states that are in receipt of federal funds for health care review and approve any planned capital expenditures to ...
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