Method of terminating a split dollar life insurance policy by the company transferring its interest in the policy (after the company has effected the largest policy loan permitted equal to the cash value) to the insured employee. The insured employee, by accepting this transfer, incurs the obligation to continue to service the interest on the policy loan made by the company.
Popular Insurance Terms
Transportation firm that must carry any customer's goods if the customer is willing to pay. Common carriers include trucking companies, bus lines, and airlines. ...
A newer generation of life insurance policies that are credited with interest currently being earned by insurance companies on these policies. ...
List of the values of specific medical procedures in comparison with other medical procedures. ...
Individual who possesses a unique ability essential to the continued success of a business firm. For example, this individual might have the technical knowledge necessary for research and ...
Premium applied in workers compensation insurance and in life insurance. In the latter, it is the portion of a premium that is loaded to reflect an insured's expectation of loss, ...
Total of the number of accumulation units times the accumulation unit value for a variable annuity. Similar procedure is followed in the calculation of the current market value of a mutual ...
Instrument that uses noncombustible substances such as carbon dioxide to deprive a fire of oxygen, thereby extinguishing it. ...
Coverage under a commercial workers compensation policy for situations in which an employee not covered under workers compensation laws could sue for injuries suffered under common law ...
Legal instrument that authorizes a person to make medical decisions for another person should that person become permanently or temporarily incapable of making those decisions. This power ...
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