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
Income supplement program under Social Security to provide a minimum monthly income to aged, blind, and disabled persons. The SSI payments, which were introduced in January 1974, make up ...
Aggregate amount of insurance policies that are paid-up (or are being paid) that a life or health insurance company has on its books. The size of a life or health insurance company is often ...
Time frame during which an annuitant makes premium payments to an insurance company. The obligations of the company to the annuitant during this period depend on whether a pure annuity or ...
Act that prohibits employers from discriminating against employees in employee benefit plans, regarding contributions or benefits based on race or gender. ...
Statistical term indicating the central value of a frequency distribution, such that smaller and greater values than this central value occur at an equal rate. For example, given the ...
Same as term Original Age: insured's age at the date a term life insurance policy is issued. An original age or retroactive conversion option permits the insured to convert the term policy ...
Federal law, effective February 4, 1989, that requires company notification of employees prior to laying them off or closing a plant or an office. Workers covered under WARN are to include ...
Insurance for which (1) an application has been filed but the first premium has not yet been paid or (2) a life insurance policy that has not yet been delivered to an insured. ...
Federal legislation passed in 1988 (repealed November 23, 1989) that significantly increased the benefit amounts provided under medicare, both Part A and Part B, in the following manner: ...
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