Partial Vesting
A procedure effective January 1, 1989, under the tax reform act of 1986. The entitlement of an employee to a specified portion of the pension benefits accrues in the following manner: vesting of 20% after the completion of three years of service with an employer, increasing by 20% for each year of service thereafter, until 100% vesting is achieved at the end of seven years of service.
Popular Insurance Terms
Procedure in which a home office interviewer (who may or may not have underwriting experience) interviews applicants on the telephone. The questions asked the applicant are automated and ...
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Annuity contract. If the annuitant dies before receiving income at least equal to the premiums paid, a beneficiary receives the difference in installments. If the annuitant lives after the ...
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