Resumption Of Operations Clause
Definition of "Resumption of operations clause"
Plan under the employee retirement income security act of 1974 (ERISA) for employees who are less than 50% vested. An employee must be permitted to buy back retirement benefits lost because of the withdrawal of his or her contributions. The employee pays back to the pension plan the withdrawal contributions, plus 5% interest compounded annually.
Popular Insurance Terms
A person who relies on another for economic support. For insurance purposes, the following may be included: the insured's legal spouse; any unmarried children younger than a specified age ...
Independent insurance salesperson who represents particular insurers but may also function as a broker by searching the entire insurance market to place an applicant's coverage to maximize ...
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Same as term agent of record: individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
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