Section 403 (b) Plan
Definition of "Section 403 (b) plan"
Retirement plan offered by public employers and tax-exempt organizations. Under Section 403(b) of the Internal Revenue Code, certain tax-exempt organizations such as public school systems can make payments for retirement annuity policies for their employees and have the payments excluded from the employees' gross income for tax purposes, subject to certain limitations.
Popular Insurance Terms
Group that advises on employee benefit plans as to amount of benefits to be paid, how benefits are to be financed, and how employees are to qualify for benefits (vesting requirements). An ...
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Termination of life. A death certificate is required by a life insurance company for a beneficiary to receive the death payment. ...
Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...
Measurement of how people feel about prevailing economic conditions, employment outlook, and personal finances. This index is based on statistics gathered from questionnaires mailed by the ...
Structured product designed to meet specific needs of the insured that may involve any of the following funding arrangements: loss portfolio transfers in which the self-insurer transfers ...
Retirement payments to be credited for future years of service with an employer. ...
Sum of insurance provided by a policy at death or maturity. ...
Insurance company that transfers a risk to a reinsurance company. ...
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