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
Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...
Percentage of first year's premium paid to compensate an insurance agent. This is known as the "First Years" to show how much new business the agent is generating, compared with renewal ...
Modifications of the traditional defined benefit plan in which employees are credited with a specified percentage for each year of recognized service with the employer. Upon termination of ...
Type of proportional reinsurance under which the ceding company (primary insurer) cedes to a re-insurer its net amount at risk for the amount above its retention limit on a life insurance ...
Buy or sell order for security that expires at the end of the trading date on which it was entered if not executed. ...
Policy owner rights under a life insurance policy, including the right to name a new beneficiary at any time and to surrender the policy for its cash value. ...
unlawful application of force to another's person; physical striking of another without permission. ...
Insurance issued to a creditor (lender) to cover the life of a debtor (borrower) for an outstanding loan. If the debtor dies prior to repayment of the debt, the policy will pay off the ...
Over a long period of time, the average loss an individual, individuals, or an organization can expect to incur from a particular exposure. ...
Have a question or comment?
We're here to help.