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
Time period in health insurance that must elapse between a previous illness and a current one, if the current one is to be considered a separate illness eligible for a new set of benefits. ...
Cancellation of a policy by an insurance company. ...
Process under which terminally ill people sell their life insurance policy for value thereby excluding the policy from being subject to the transfer for value under the three-year rule. ...
Single policy covering all insurable property of specified type s) at all locations of an insured business. The form is appropriate for the business that has several locations. There are ...
Insurance salesperson who contacts potential customers and handles clerical responsibilities but has no authority to make insurance contracts. ...
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