Cost-of-living Plan
Definition of "Cost-of-living plan"
Plan providing benefits that are adjusted according to variations in a specified index of prices. For example, some pension plans adjust retirement benefits yearly according to the rise in the Consumer Price Index (CPI).
Popular Insurance Terms
Act by a company that authorizes an agent to act on its behalf. ...
Life insurance policy in which the cash value and in some circumstances the death benefit will vary according to the investment performance of an underlying portfolio usually comprised of ...
Cost involved in an insurance company's adjustment of losses under a policy. ...
Compensation in which an insurance agent's fee for the sale of a policy is the same year after year. Most life insurance companies pay a high first year commission and lower commissions in ...
Clause in a property insurance policy that requires the insurance coverage in that policy to be allocated in the proportion that it bears to the total insurance coverage in force from all ...
Premium that remains unchanged over time, regardless of any change in the nature of the risk. ...
Important quantitative measure for an insurance company indicating the percentage of each premium dollar that is going to pay for losses. Based on losses incurred, appropriate reserves are ...
Table charting relative costs of a group of cash value life insurance policies derived by using the net cost method of comparing costs (traditional net cost method of comparing costs; net ...
Statement submitted to the insurance company to accompany a request for the reinstatement of an insurance policy that has lapsed. This statement certifies that the insured's health has not ...
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