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
Arrangement of financial affairs such that a family member who is in a lower income tax bracket receives income that another family member would otherwise have received (thereby reducing ...
Legal power of the commissioner of Internal Revenue to approve any classification of employees that does not discriminate in favor of a prohibited group. Such approval is necessary before a ...
Type of business interruption insurance policy that provides a specific daily dollar amount benefit to the business owner for each day the business is unable to resume normal business ...
Broad type of marine legal liability coverage, hull marine insurance is limited to an insured ship. With the addition of a running down clause, a policy can be extended to cover liability ...
Formal, written, legal statement listing the provisions of an EMPLOYEE BENEFIT INSURANCE PLAN. ...
Modified guaranteed investment contract (GIC) in which the underlying assets of the synthetic contract are owned by the plan itself rather than the insurance company as is the case with the ...
Organization that underwrites insurance policies. There are two principal types of insurance companies: mutual and stock. A mutual company is owned by its policy owners, who elect a board ...
Separate trust established by a charitable entity whose purpose is to receive contributions from numerous donors. All the donors' contributions are commingled. Each donor can retain a ...
In property insurance, amount that an insured does not have to pay when a loss exceeds a predetermined sum; here the insurance company pays more than 100% of the loss, so that the ...
Have a question or comment?
We're here to help.