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
Smallest face amount of life insurance that an insurance company will write on any one person. ...
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Endorsement to owners, landlords, and tenants LIABILITY POLICY, MANUFACTURERS AND CONTRACTORS LIABILITY INSURANCE, or other liability policies for business firms that provides liability ...
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Total estimated cost incurred by a person or persons, a family, or a business resulting from the death or disability of a wage earner (key employee), damage or destruction of property, ...
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Right to insurable interest in property such as the right of a secured creditor in the property pledged as security. ...
Coverage for the insured's personal and real property and the insured's own person. Contrast with third party. ...
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