Definition of "Aso"
Same as term Administrative Services Only: services provided in an employee benefit plan such as a pension plan. An employer provides the clerical staff to operate the plan, in effect acting as custodian. The trustee provides direction for investment of the plan's funds, usually in a self-directed investment account. Trustee plans are gaining in popularity as both the employer and employees seek more control over pension funds investments. In a self-insured property or liability plan the group may have an ASO contract with an insurance company or a third-party administrator to handle claims processing and administration.
Popular Insurance Terms
Coverage for the owner of an airplane in circumstances where use of the owner's premises as an aircraft hangar results in bodily injury or property damage to a third party. Excluded from ...
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Organization of inland marine insurance underwriters. ...
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Record of ordinary policies that a combination agent is responsible for servicing. ...
Method by which each member of an insurance pool shares in each and every risk written by the other members of the pool. ...
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