Wholesale Life Insurance
Variation of group life insurance that covers a small group of persons who work for the same employer. With group life insurance, the employer owns the policy; with wholesale insurance, each employee applies for and owns his or her own policy. However, the employer must agree to pay at least part of wholesale life insurance premiums for the group to qualify for wholesale insurance. Wholesale insurance was devised for groups as small as 10 persons when group insurance was limited by law to a minimum of 50 members. Today, group insurance is sold to smaller groups and wholesale insurance is written for groups as small as five persons.
Popular Insurance Terms
Expense of defending a lawsuit. To mount a legal defense against civil or criminal liability, a defendant faces expenses for lawyers, investigation, fact gathering, bonds, and court costs. ...
Income (premiums + investment earnings) minus disbursements (dividends + death claims + policies surrendered for benefits + general expenses). ...
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 ...
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Coverage in the event of death due to accident, usually in combination with dismemberment insurance. If death is due to accident, payment is made to the insured's beneficiary; if bodily ...
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