Reverse Split Dollar Life Insurance
Definition of "Reverse split dollar life insurance"
Policy that is the opposite of the traditional split dollar life insurance policy in that: the employee is the policyowner and as such can exercise all ownership rights inherit to that policy; the employee owns the cash value of the policy; the employees's beneficiary has the right to that portion of the death benefit equal to the cash value; the employer retains the right to that portion of the death benefit equal to the pure protection element (death benefit minus the cash value); the employer pays that portion of the premium charged for its economic benefit gained according to the PS 58 rate table; and the employee pays that portion of the premium equal to the total premium minus that part of the premium paid by the employer in the above.
Popular Insurance Terms
Coverage in the event that, while practicing the profession of druggist, an act or omission is committed resulting in bodily injury, personal injury, and/or property damage to a customer. ...
Periodic payments to an injured person or survivor for a determinable number of years or for life typically in settlement of a claim under a liability policy. Terms may include immediate ...
Quantitative measurement of the total costs (losses, risk control costs, risk financing costs, and administration costs) associated with the risk management function, as compared to a ...
Property acquired before marriage by gift, by inheritance, or bought with separate monies. ...
Act that provides new funding for the Bank Insurance Fund and enhances the safety and soundness of the financial system. The FDICIA includes the Foreign Bank Supervision Enhancement Act ...
Deductible, applied to every loss, expressed as a percentage of that loss. As the loss increases, the deductible amount increases. ...
Type of coverage in which an insured's own policy provides indemnity for bodily injury and/or property damage without regard to fault. In many instances it is difficult if not impossible to ...
Balance sheet and profit and loss statement of an insurance company. This statement is used by State Insurance Commissioners to regulate an insurance company according to reserve ...
Action by the owner of a cash value policy to relinquish it for its cash surrender value. Since the depression of the 1930s, companies have reserved the right to delay payment of a cash ...
Have a question or comment?
We're here to help.