Prohibited Transactions
Definition of "Prohibited transactions"
Actions not allowed between a trust and a disqualified person under the employee retirement income security act of 1974 (erisa). The disallowed actions are designed to prevent a conflict of interest between the trust plan and those who have a vested interest in that plan. The disallowed actions between the trust plan and the disqualified person include the sale, lending, exchange, and leasing of goods or services between the two parties.
Popular Insurance Terms
Method of comparing the costs of a set of cash value life insurance policies that takes into account the time value of money. The true costs of alternative cash value policies with the same ...
Federal legislation passed in 1974 that mandated that legislators in all states that are in receipt of federal funds for health care review and approve any planned capital expenditures to ...
Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Item given or sold to a buyer that establishes a standard of quality by which later products will be judged. Since the uniform commercial code does not distinguish between a sample and a ...
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Interest earned on dividends from a participating life insurance policy left on deposit with the insurance company and subject to taxation. ...
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Length of time required to amortize the excess expenses of acquiring a given group of life insurance policies. In acquiring a policy, a life insurance company may incur expenses (such as ...
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