Nondiscrimination Rules
Definition of "Nondiscrimination rules"
Rules stating that, under the tax EQUITY AND RESPONSIBILITY ACTS OF 1982 AND 1983 (TEFRA), a plan can not discriminate in favor of key employees regarding contributions and benefits if favorable tax treatment is to be retained. For example, the premiums the employer pays on behalf of the employee for the first $50,000 of group term life insurance are not considered taxable income to the employee if the plan does not discriminate.
Popular Insurance Terms
Individual to whom rights to a benefit are assigned. A life insurance policy is assigned by the collateral borrower (assignor) to the collateral creditor (assignee) as security for a loan. ...
Same as term Cancel: termination of a policy. Contract may be terminated by an insured or insurer as stated in the policy. If the insurance company cancels a policy, any unearned premiums ...
Coverage in event of damage or destruction of animals that are being shipped. ...
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Small face amount life insurance policy. ...
Total earned premiums minus total expenses and losses paid of the insurance company. ...
Time during which an assessment life insurance company has the right to assess policyholders if losses are worse than anticipated in the premium charged. ...
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