Employee Benefit Insurance Plan
Provision by an employer for the economic and social welfare of employees. Generally include: pension plans for retirement; group life insurance for death; group health insurance for illness and accident; group disability income insurance for loss of income due to illness and accident; and accidental death and dismemberment. Dental insurance, eyeglass insurance, and legal expense insurance may be included. These plans are established for the reasons of morale, to reduce turnover, and for tax benefits (contributions are usually deductible as business expenses to employers and not currently taxable income to employees).
Popular Insurance Terms
Case where an insurance company is placed by the state court under the control of the state insurance department. Claims are paid in the order filed until the insurance company's ability to ...
Program of health care designed for the prevention and/or reduction of illnesses by providing such services as regular physical examinations. This care is in opposition to curative care, ...
Same as term Bankers Blanket Bond: coverage for a bank in the event of loss due to dishonest acts of its employees or individuals external to the bank. For example, if a teller goes to ...
Time at which life insurance death proceeds or endowments are paid, either at the death of an insured or at the end of the endowment period. ...
Frequency of illness, sickness, and diseases contracted. ...
Early payout of anticipated death benefits from a rider attached to an existing policy or from a separate policy. The purpose is to allow the terminally ill insured an additional source of ...
Life insurance policy clause. If at the end of the grace period the premium due has not been paid, a policy loan will automatically be made from the policy's cash value to pay the premium. ...
Percentage of income required by a retiree to maintain a desired standard of living during the retirement years. ...
Maximum amount that an insurance company will pay under a liability insurance policy for claims resulting from a particular accident. This maximum amount applies regardless of the amount of ...
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