Substantial Owner
Definition of "Substantial owner"
Effective proprietor of a business. Under the tax reform act of 1986, a uniform accrual rule prevents a qualified pension plan from being weighted in favor of the substantial owner of the business. The owner can select the accrual method to be applied provided the same method is used for all qualified employees of the business.
Popular Insurance Terms
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Situation wherein the agent's conduct causes a client or prospective insured reasonably to believe that the agent has the authority to sell an insurance policy and contract on behalf of the ...
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