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
Law, in several states, establishing a fund to guarantee benefits under policies issued by insurance companies that become insolvent. ...
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Standard property-liability insurance premium set by a rating bureau for a particular class of risk. ...
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Same as term Mortality Table: chart showing rate of death at each age in terms of number of deaths per thousand. ...
Coverage usually provided as part of the special Multiperil insurance (smp) policy, generally replaced by the commercial package policy, through the attachment of the Blanket Crime ...
Actuarial method of crediting retirement benefits earned and the costs associated with these earned retirement benefits. An increment (unit) of benefit is credited for each year of ...
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