Pension Plan Funding: Group Immediate Participation Guaranteed (IPG) Contract Annuity
Modification of the group deposit administration annuity under which an employer participates in the investment (which may prove to be adverse as well as favorable), mortality, and expense experience of the plan on an immediate basis. Under the IPG, contributions are paid into a fund to which interest is credited. At retirement, an immediate annuity is purchased for the employee. The size of the benefit will depend on the benefit formula used and the investment, mortality, and expense experience of the plan.
Popular Insurance Terms
Probability of one's living to a specific age according to a particular mortality table. Life expectancy is the beginning point in calculating the pure cost of life insurance and annuities ...
Irrevocable living trust (rights to make any changes are forfeited by the grantor permanently) in which the grantor forfeits control of all assets placed in the trust. However, the grantor ...
Society dedicated to the advancement of professional standards of risk management. Its membership is composed of risk and insurance managers of business organizations, public organizations, ...
Provision for coverage for buildings and personal property within the simplified commercial lines portfolio policy (sclp). The buildings and personal property coverage may be classified in ...
Coverage in the event of a marine loss. Marine loss is damage or destruction of a ship's hull and the ship's cargo (freight) as the result of the occurrence of an insured peril. Perils ...
Savings accounts that have tax advantages combined with health insurance plans for the benefit of the employee. Both the employee and the employer are permitted to contribute to the MSA. ...
Top state regulator of the insurance business who is either elected to office or appointed by a state to safeguard the interests of policyowners. ...
Value or cost of the actual net protection, in life insurance, in any year (face amount less reserve) according to the yearly renewal term rate used by an insurance company. ...
Type of policy with premiums that are fully paid up within a stated period. For example, a 20-payment life insurance policy has 20 annual premium payments, with no further premiums to be ...
Have a question or comment?
We're here to help.