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
Written evidence given to a policyowner by an insurance company or insurance agency that it has received a premium. ...
Membership organization of insurance companies that write workers compensation insurance. The organization collects statistics on the frequency and severity of job-related injuries to ...
Method of funding a pension plan through: an individual level cost basis, where future benefits for the employee are estimated and contributions are made periodically while the employee is ...
Coverage in the event an employee is kidnapped from an insured business's premises and forced to return to aid a criminal in a theft. ...
Standards set by the various state regulatory authorities that determine how financial statements must be prepared for regulators. The states are responsible for making certain that ...
Quarter credited, for retirement benefits under Social Security, when the worker's earnings exceed a minimum amount in a given quarter. Credited quarters are extremely important for fully ...
Omissions from coverage found in products liability insurance. The policy does not provide coverage if the business manufactures a product that does not meet the level of performance as ...
Requirement of state approval of property insurance rates and policy forms before they can be used. Individual states regulate insurers and approve their rates. There are three methods of ...
Agent who is licensed and who markets and services insurance policies in a state in which he or she is not domiciled. ...
Have a question or comment?
We're here to help.