Legal Plan
Definition of "Legal plan"
Group arrangement in which a network of attorneys provides legal services to the participants in the plan with the attorney fees being reimbursed by the provider. The attorneys who are members of the network provide their legal services at a reduced rate from their customary fee to the plan participants. Most legal plans are voluntary on the part of the employees with the employees paying their entire cost through payroll deduction insurance. There are two main types of group legal plans:
- Access plans participants in the plan receive legal advice for such matters as simple wills, and demand letters plus other legal advice over the telephone.
- Comprehensive plans participants in the plan receive legal advice through office and telephone consultations for such concerns as wills, trusts, bankruptcy, civil litigation, real estate transactions, and other general legal planning.
Popular Insurance Terms
Physical contact of an automobile with another inanimate object resulting in damage to the insured car. Insurance coverage is available to provide protection against this occurrence. ...
Associated insurers that are under common stock ownership or interlocking directorates. Such an arrangement makes it easier to exchange insurance products for sale to the consumer, reduces ...
Termination of premium payments by an employer on behalf of an employee to an employee benefit plan. ...
Insurance on the life of the employee, paid for by the company, with the company being the beneficiary under the policy. This insurance vehicle is being used more and more to fund ...
Cost of an annuity. Annuities are often paid for in a lump sum rather than annual or other periodic payments. This sum, which guarantees an income, usually for life, is called the purchase ...
Value of a share of common stock, derived by dividing the total common stockholders' equity at the end of a period of time by the total number of shares outstanding at the end of the same ...
Trust that qualifies assets under the marital deduction provision in the Federal Tax Code for favorable treatment of an estate. The surviving spouse has the full power to use the assets of ...
Relinquishment of rights to benefits when an employee withdraws previous contributions to a plan. An employee who had not withdrawn these contributions would have been entitled to full ...
Clause in an insurance policy stipulating that the benefits under the policy will accrue to the right of the insured. For example, if the insured leaves a violin at a repair shop and that ...
Have a question or comment?
We're here to help.