Individual Risk Premium Modification Plan
In group insurance, adjustment of premiums, because of reduced expenses due to economy of scale. Group Me premiums are subject to negotiation and modification because of administrative savings in dealing with large numbers of people. In contrast, a single person cannot negotiate his or her premium rate because each policy is handled individually.
Popular Insurance Terms
A person who relies on another for economic support. For insurance purposes, the following may be included: the insured's legal spouse; any unmarried children younger than a specified age ...
System whereby benefits in an employee benefit insurance plan vary according to the employee's earnings. ...
Loss experience of a given insured. ...
Method of calculating retirement benefits under pen ...
Individual or organization that provides the mechanism in which financial assets are accumulated for the purpose of paying accrued pension benefits. ...
Tax, under federal and state laws, on transfer of property made without payment or other value in exchange. ...
Roof used in construction that is composed of fire resistive materials such as slate as approved by the underwriters laboratories inc. (ul). ...
Coverage for a loss incurred by the insured resulting from an infringement of the insured's patent or coverage for a claim made against the insured resulting from infringement by the ...
Excuses raised by a defendant in a negligent suit (unintentional tort). There are three basic defenses to unintentional torts or negligence. ASSUMPTION OF RISK an individual (plaintiff), by ...
Have a question or comment?
We're here to help.