Pension Plan Funding: Group Permanent Contract
Definition of "Pension plan funding: group permanent contract"
Insurance policy under which the value equals the benefits to be paid to the plan participants (employees) at normal retirement age, assuming that (1) their rate of earnings remains the same until normal retirement age, and (2) the contributions to the plan are sufficient to meet funding requirements for benefits under the plan. Adjustments to contributions are made as employee earnings increase. Retirement benefits depend on the benefit formula used, and the investment, mortality, and expense experience of the plan.
Popular Insurance Terms
Maximum limit of liability of an insurance company for a particular claim or kind of loss that is applicable in general to all such claims or losses. This maximum limit of liability is ...
Record prepared by the rating bureau describing the particulars of an insured property and the applicable premium rate. ...
Statutory law that lowers the defendant's liability by restricting the monetary recovery of the plaintiff incurring a specified injury, such as pain and suffering, or by restricting the ...
Company in which shareholders limit their liability exposure to their percentage of ownership or equity interest in the company. Shareholders' personal assets are protected in the event of ...
Federal legislation requiring employers with traditional health plans to also provide an HMO to its employees. The act also makes it mandatory for employers to contribute as much to the HMO ...
Costs associated with the selling of a new insurance policy to a policyholder. The costs include the acquisition commission as a percentage of the first year's premium, underwriting ...
Coverage that can be converted into permanent insurance regardless of an insured's physical condition and without a medical examination. The individual cannot be denied coverage or charged ...
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 ...
Same as term: Beneficiary; Beneficiary Clause: ...
Have a question or comment?
We're here to help.