Reimbursement Disability Income Policy
Policy used to provide the funds for buy and sell agreements under which an income payment or a series of income payments is paid to the buyer of the disabled partner's interest contained in a partnership life and health insurance plan or disabled stockholder's interest contained in a close corporation plan to reimburse that buyer for the sum paid. If this sum to be paid the buyer by the insurance company exceeds the actual market value of the business at the time of the sale, that sum is reduced to the actual market value.
Popular Insurance Terms
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Section of a policy specifying: parties to the contract (the insurance company and the person or business to be insured); terms of the policy when it goes into force, and when it ends; ...
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Rules stating that every administrator of a qualified pension plan, profit sharing plan, section 401 (K) plan salary reduction plan), section 403(b) plan, and stock bonus plan must provide ...
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