Offset Approach
Method of integrating an employee's Social Security or other retirement benefits with a qualified retirement plan. Some employers offset (reduce) retirement or disability income benefits from an employee's Social Security income, reasoning that since Social Security taxes are a business expense for them, they should reduce or offset employee pension benefits by a percentage of the Social Security money. An employer with a 100% offset would subtract the entire Social Security payment from the earned pension and pay only the difference as the employee pension. A 50% offset means the employer subtracts half of the Social Security benefit from the pension benefit and pays the difference.
Popular Insurance Terms
Partnership between an agency of the U.S. government and the Foreign Credit Insurance Association (50 commercial insurance companies, both stock and mutual). Insures that businesses are ...
Same as term Adjuster: individual employed by a property and casualty insurance company to settle on its behalf claims brought by insureds. The adjuster evaluates the merits of each claim ...
Same as term Cancellation Provision Clause: provision permitting an insured or an insurance company to cancel a property and casualty or a health insurance policy (circumstances vary; see ...
Coverage tailored to the particular requirements of an insured, when a standard policy cannot be used to provide coverage for real or personal property. A manuscript policy is often written ...
Coverage for robbery of the payroll of a business. Coverage applies to money and checks from the time the payroll is withdrawn from the bank until it is distributed to the employees, ...
Same as term Explosion, Collapse, and Underground Exclusion: inherent danger resulting from certain construction procedures that are excluded from general business liability policies. ...
Legislation governing wrongful acts, other than breaches of contract by one person against another or his or her property, for which civil action can be brought. Tort law and contract law ...
Same as term Chartered Life Underwriter: professional designation conferred by the American College. In addition to professional business experience in insurance planning and related ...
Insurance transactions conducted across national boundaries. Such transactions occur when the insurance company sells insurance outside the country of the company's domicile. ...
Have a question or comment?
We're here to help.