Unisex Legislation
Definition of "Unisex legislation"
Regulations affecting the right of insurance companies to use sex as one of the factors in the actuarial determination of premium rates. The precedent case for such legislation is Arizona Governing Committee v. Norris in which the decision was that a municipal retirement plan could not provide retirement benefits based on sex.
Popular Insurance Terms
An exception to section 101 (a) (1) OF THE INTERNAL REVENUE CODE tax-exempt Status Of the DEATH BENEFIT in a life insurance policy where the transfer of the interest in the policy by the ...
Insurance company that does not utilize the rates and policies of a rating bureau. ...
Policy that pays a fixed dollar amount for each day the insured is confined to the hospital. This method of payment is in contrast with most other medical expense insurance that reimburses ...
Capacity of parties to an insurance contract to understand the meanings of their action in order for the contract to be valid. ...
Employer's obligation to fund a pension plan for the time period when employees were qualified to participate but the plan was not yet established. For example, a pension plan is ...
Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
Special type of charitable remainder trust (CRT) under which a designated beneficiary (cannot be a charitable beneficiary) receives an annual fixed income. The grantor of the trust is ...
Insured, or an applicant for insurance, with lower expectation of incurring a loss than the standard applicant. For example, an applicant for life insurance who does not smoke can usually ...
Life insurance under which an insured receives the face value of a policy if the individual survives the endowment period. If the insured does not survive, a beneficiary receives the face ...
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