Pension Plan Funding: Group Deposit Administration Annuity
Pension plan funding instrument in which contributions paid by an employer are deposited to accumulate at interest. (These plans are usually noncontributory.) Upon retirement, an immediate annuity is purchased for the employee. The benefit is determined by a formula, and the investment earnings on funds left to accumulate at interest. Since the annuity is purchased at point of retirement, the deposit administration plan can be used with any benefit formula.
Popular Insurance Terms
Covers all employees of a business on a blanket basis with the maximum limit of coverage applied separately to each employee guilty of a crime. ...
Prepaid legal insurance coverage plan sold on a group basis. Entitles a group member to a schedule of benefits, at a stipulated premium, for adoptions, probates, divorces, and other legal ...
Negligent acts and/or omissions, other than breach of contract, normally independent of moral obligations for which a remedy can be provided in a court of law. For example, a person injured ...
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States that preclude the placement of surplus lines with particular insurance companies. ...
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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