Employers Legal Obligation To Fund
Pension plan format. After deciding how much to contribute, the employer can suspend, reduce, or discontinue contributions during the first 10 years only for reasons of business necessity; otherwise the employer will face a substantial IRS tax penalty. If a plan is terminated or if contributions to the plan are discontinued, the employer is only liable for benefit payments for which contributions were previously made.
Popular Insurance Terms
Rejection by an insurance company of an application for a policy. ...
Phrase describing a form of joint tenancy ownership where property passes to the survivors when one party dies. ...
Total income before adjustment for deduction as applied to tax calculation for both the individual and the firm. ...
Type of hold-harmless agreement made by a property owner as a condition for being served by a railroad spur. If the owner wants a special sidetrack, the railroad requires the owner to ...
Condition surrounding a work environment that increases the probability of death, disability, or illness to a worker. This class of hazard is considered when writing workers COMPENSATION ...
Organization that is part of a preferred provider organization (PPO) in which enrollees select an EPO provider to act as their primary care physician and serve as the gatekeeper. This ...
Trade association of insurance companies that writes transportation, aviation, and marine insurance. The association began operation in the 1880s and it suggests standard clauses to be ...
Settlement of a dispute that arises when two or more insurers cover a single loss, and there is a question concerning the amount each is responsible to pay. The companies are bound by the ...
Coverage available under two forms for actual or attempted robbery of money, securities or other property. Under the First Form the policy covers if the robbery is committed on the premises ...
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