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
Single policy under which one individual is insured. ...
Disability in which a wage earner is forever prevented from working at full physical capability because of injury or illness. ...
Insurance that covers each and every loss except for those specifically excluded. If the insurance company does not specifically exclude a particular loss, it is automatically covered. ...
Form of cash refund annuity used by contributory pension or employee benefit plans. When employee participants die before receiving all of their contributions in the form of retirement ...
Same as term Commercial Health Insurance: coverage that provides two types of benefits, disability income (DI) and medical expenses. Sold by insurance companies whose business objective is ...
Record of insurance policies sold to an individual. ...
Type Of GUARANTEED INVESTMENTS CONTRACT in which funds for the contract are put in the insurance company's general account ...
Insurance coverage for pitfalls associated with travel. The coverage can be classified as follows: Trip Cancellation the travelers) must cancel the trip because of unforeseen circumstances ...
Length of employment as measured to determine eligibility, vesting, and benefit levels for employee participants in tax qualified pension plans. There is often a requirement that years of ...
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