Frozen Keogh Plan
Definition of "Frozen keogh plan"
Plan to which contributions are not being made, but which has not been formally terminated. The freezing of a keogh plan (hr-10) may occur in the following circumstances:
- self-employed person stops contributing to the plan.
- personal corporation is dissolved and stops contributing to the plan even though the employee of the personal corporation may continue in the same occupation.
- self-employed person under the original plan may form a partnership or incorporate, necessitating the freezing of the original planand the establishment of a new plan.
Popular Insurance Terms
Representative of an insurance company in soliciting and servicing policyholders. An agent's knowledge concerning an insurance transaction is said to be the knowledge of the insurance ...
Methods of handling policyholder dividends. In a participating life insurance policy, dividends are paid to the policy owner according to which of the following options is selected: applied ...
Present value of a series of payments such that the first payment is due one period hence, the second payment two periods hence, and so forth. The continued payment is contingent upon the ...
Remedy imposed by a court of law, usually in the form of a monetary award, as compensation to the insured party for the civil wrong incurred. A civil action is initiated by the injured ...
part of the Model Uniform Life and Health Insurance Policy Provisions Law giving an insurer a time limit on contesting coverage for preexisting conditions or misrepresentation. This law, ...
In insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
One of the major underwriting organizations for insurance company pools insuring commercial aircraft liability exposure. ...
Allocation of monetary resources to equities. ...
(stop loss) amount over which a health insurance plan pays 100% of the costs in a percentage participation plan. Here, an insured shares costs with the insurer according to some ...
Have a question or comment?
We're here to help.