Preauthorized Check System (pac)
Definition of "Preauthorized check system (pac)"
Arrangement by which a policy owner authorizes an insurance company to draft his checking account for premiums due on an insurance policy. The drafting is usually monthly, persistency of policies paid this way is substantially higher than when insureds pay them directly to an insurance company.
Popular Insurance Terms
Device that allows plan participants in employee stock ownership plan (ESOP) trust to reinvest the dividends into their section 401 (k) plan. Under the switchback approach, plan ...
Remedy imposed by a court of law, usually in the form of a monetary award, as compensation to the insured party for the civil wrong incurred. A civil action is initiated by the injured ...
Historical record of dividends paid. ...
Arrangement by which a policy owner authorizes an insurance company to draft his checking account for premiums due on an insurance policy. The drafting is usually monthly, persistency of ...
Modified premium used to calculate cash surrender values in excess of that required by the naic: standard NON FORFEITURE LAW. ...
Entity that offers a managed care plan for workers compensation benefits that joins a provider network with the following parts: case management personnel, medical bill review personnel, ...
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Damage of property that is not total; average (in sense of partial) loss. ...
Plan initiated by the pension benefit guaranty corporation (PBGC) upon the involuntary termination of a pension plan. With the concurrence of the United States District Court, the PBGC ...
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