Pay-at-the-pump Plan
Definition of "Pay-at-the-pump plan"
Automobile insurance plan, debated for a number of years, that is financed through a surcharge of a given number of cents per gallon (estimates run from 30 to 40 cents) to be paid by the purchaser of the gasoline. The plan would operate on the NO-fault automobile insurance basis. Claims would be paid from an insurance pool whose funds would be generated by the surcharge. Drivers would receive unlimited medical coverage, up to $25,000, for missed wages and collision damage. Drivers would be required to pay a $250 deductible. Those drivers desiring additional lost wages or damage coverage, could purchase it separately.
Popular Insurance Terms
Funds receivable or payable that have not been paid in a timely manner, commercial credit insurance protects an insured against declines in the value of receivables due to insolvency of a ...
Postponement of taxes on investment or other earnings until the investor begins to consume them and anticipates being in a lower tax bracket. One example of a tax-deferred investment is an ...
Plan in which funds are withdrawn or income begins before the plan participant reaches age 59/2. An extra 10% early distribution tax on the taxable amount may have to be paid unless any one ...
Section of the act stating that regulation requires employers to offer plan participants at least three diversified investment choices. Each choice must have materially different risk and ...
Includes rate of return, how long the annuity's interest rate is guaranteed, loads (front, middle and back), financial ranking of the insurance company offering the annuity, the monthly ...
Type of trust established for the purpose of permitting the federal estate marital deduction for assets transferred from the decedent's estate to a surviving spouse who is not a citizen of ...
Change in the nature of an employer or other organization that sponsors a qualified pension plan. A qualified plan must guarantee vested benefits due to participants in the event of a ...
Effective proprietor of a business. Under the tax reform act of 1986, a uniform accrual rule prevents a qualified pension plan from being weighted in favor of the substantial owner of the ...
What is SSDI? It is a form of financial aid for people living with a disability that impacts their quality of life. As one of the largest Federal programs designed to provide assistance to ...
Have a question or comment?
We're here to help.