Legal Plan
Definition of "Legal plan"
Group arrangement in which a network of attorneys provides legal services to the participants in the plan with the attorney fees being reimbursed by the provider. The attorneys who are members of the network provide their legal services at a reduced rate from their customary fee to the plan participants. Most legal plans are voluntary on the part of the employees with the employees paying their entire cost through payroll deduction insurance. There are two main types of group legal plans:
- Access plans participants in the plan receive legal advice for such matters as simple wills, and demand letters plus other legal advice over the telephone.
- Comprehensive plans participants in the plan receive legal advice through office and telephone consultations for such concerns as wills, trusts, bankruptcy, civil litigation, real estate transactions, and other general legal planning.
Popular Insurance Terms
Rating method for commercial fire insurance according to a predetermined schedule. Published by A. F. Dean in 1902, this method was the first comprehensive qualitative analysis procedure to ...
Maximum that an insurance company can underwrite. The limits of coverage that a property and casualty company can underwrite are determined by its retained earnings and invested capital. ...
Retirement plan for an individual based on a single contract with a benefit based on current earnings, as if they will remain static until normal retirement age. As the earnings of the plan ...
Insurance company's net investment income divided by its invested assets. The greater the yield, the better the investments that are being made. ...
Person who transfers rights under an insurance or mortgage contract. ...
Law that established rules and regulations to govern private pension plans, including vesting requirements, funding mechanisms, and general plan design and descriptions. For example, three ...
Legal recourse available to survivors of a person who suffers a wrongful death. Under common law, only an injured person had the right to sue for damages. If a wrongfully injured person ...
Business involved in buying and selling securities and mutual funds. ...
Endowment period of time, in life insurance, at which the face amount of the policy is payable to the insured. ...
Have a question or comment?
We're here to help.