Section 401 (h) Pension Plan Trust
Definition of "Section 401 (h) pension plan trust"
Trust established under the auspices of the Internal Revenue Code that permits the maintenance of a separate account within the employer's defined benefit pension plan from which to pay the employee's life insurance and medical expense costs. Contributions to this account are tax deductible, and the investment's earnings accumulate on a tax deferred basis.
Popular Insurance Terms
Replacement for the earlier Family Automobile Policy (FAP) with these nine basic coverages: Coverage A Liability, The company pays damages for which an insured becomes legally obligated ...
Same as term Dividend Addition: option in a participating policy under which dividends are used to purchase fully paid-up units of whole life insurance. This option deserves careful ...
Ratio of authorized control level risk-based capital of an insurance company to its total adjusted capital. This statistic determines regulatory action taken by the state's insurance ...
Modified endowment insurance policy under which the insured receives one-half the death benefit as the maturity value of the policy. ...
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Exchange of a new policy for one already in force. ...
Court-appointed or commissioner of insurance-appointed custodian to manage the affairs of an insurance company whose management is deemed unable to manage that company in a proper fashion. ...
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