S Corporations
Corporations that have elected to be taxed according to the provisions of Sub chapter S of the Internal Revenue Code. In order to qualify under these provisions, the corporation can have only one class of stock. By so qualifying, tax is eliminated at the corporate level and the shareholders are taxed on their proportionate share of the corporation's profit. This is important because currently the highest individual income tax rate is lower than the highest corporate income tax rate.
Popular Insurance Terms
Employer's obligation to fund a pension plan for the time period when employees were qualified to participate but the plan was not yet established. For example, a pension plan is ...
Coverage for the insured in the event that the insured's negligent acts and/or omissions result in losses in connection with the use, ownership, or maintenance of aircraft. Liability ...
Search, attraction, interview, and employment of insurance agents. This is a primary function of the general agent (GA) or agency manager. ...
Type of premium plan under which the employer (if noncontributory plan) or the employer and employee (if contributory plan) make level annual premium payments to fund the future retirement ...
Coverage for an employer in the event of dishonesty of any employee. ...
Call on a prospective insurance buyer without a prior appointment. Many salespeople find this exercise the most threatening in their career development. Some observers attribute the ...
A form of assessment insurance for which a regular premium is charged. In addition to paying the regular stipulated premium, an insured and other members of a mutual assessment company may ...
Plan providing benefits that are adjusted according to variations in a specified index of prices. For example, some pension plans adjust retirement benefits yearly according to the rise in ...
Combination of coverages from property, liability, health, and life insurance into a single insurance policy from one insurance company. ...
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