Voluntary Payroll Deduction Plan
Definition of "Voluntary payroll deduction plan"
Program through which employees purchase individual life insurance and disability income insurance by having the employer reduce their income by the required insurance premium. Since the policies are individual policies, paid for totally by the employees, the policies are portable and not a function of employment.
Popular Insurance Terms
Refusal by an insurance company to underwrite a risk. ...
Type of guaranteed investment contract in which the interest rate credited is tied to an external index such as the United States Treasury Bond Index. ...
In many property insurance policies, a requirement that the insured carry insurance as a percentage of the total monetary value of the insured property. If this percentage is not carried, ...
Approach to derive trend lines that can be applied to rating insured losses. Other methods require substantial preliminary operations to solve systems of equations of several unknowns. The ...
Business involved in buying and selling securities and mutual funds. ...
Liability Insurance is a type of coverage present in Home Insurance as well as other fields of insurance. In Real Estate, Liability Insurance refers to coverage protecting the insured from ...
To accumulate. For example, under one of the dividend options of a participating life insurance policy, dividends can accumulate at interest by leaving them with the insurance company; cash ...
Same as term Commercial Package Policy (CPP): insurance policy that is commercial lines in orientation and is composed of two or more of the following coverages: commercial property, ...
Same as term Basic Limit of Liability: required minimum amounts of coverage that an insurance company will underwrite. For example, for auto liability coverage the minimum that many ...
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