Unemployment Compensation
Definition of "Unemployment compensation"
Money paid through state and federal programs to workers who are temporarily unemployed. The program, which was created by the social security act of 1935, is managed by the individual states, which decide the level of benefits that will be paid and assess a payroll tax on employers to pay for the program. Employers may pay more or less tax depending on the stability of their workforces. Weekly benefits vary widely among the states.
Popular Insurance Terms
Same as term Corridor Deductible: type of major medical deductible amount that acts as a corridor between benefits under a basic health insurance plan and benefits under a major medical ...
Method of establishing rates in which the current year's premium is calculated to reflect the actual current year's loss experience. An initial premium is charged and then adjusted at the ...
Rules of conduct and commissions paid to agents. For example, under the rules of conduct agents may be required to submit all of their business to only that agency. The contract also lists ...
Endorsement to a scheduled property floater that provides named perils coverages for props, costumes, and other materials that might be used by a theatrical company. Coverage is provided ...
Provision in property insurance that waives, under specified circumstances, the requirement for an inventory of undamaged property when a damage claim is filed. A coinsurance clause in a ...
Mortality table that is a picture of the actual living and/or dying of the population (the universe) upon which the mortality table is based. No additions or subtractions are made to these ...
Same as term Contingency reserve: percentage of total surplus retained, in insurance company operations, that serves as a reserve to cover unexpected losses as well as to cover the ...
Individual who has met professional standards of the Internal Revenue Service and the Department of Labor for signing the actuarial reports required by the Employee Retirement Security Act ...
Covers property damage and theft coverage in two areas not subject to a coinsurance requirement or a deductible. Coverage A. If the bank becomes liable for loss to a customer's property ...
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