Ten-year Vesting (cliff Vesting)
Method of vesting under the employee retirement income security act of 1974 (ERISA) that requires an employee to have 10 years of service with an employer to be vested. An employee who leaves an employer prior to that time does not receive retirement benefits from that job. Under the tax reform act of 1986, after December 31,1988, the 10-year vesting rule is reduced to 5 years.
Popular Insurance Terms
Situation involving a chance of a loss or no loss, but no chance of gain. For example, either one's home burns or it does not; this risk is insurable. ...
States that preclude the placement of surplus lines with particular insurance companies. ...
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Statement issued by the insurance company denying a claim under the insurance policy on the grounds that a condition or policy provision has been breached. ...
Life and health insurance business for which the prospective insured or insureds have signed the application, completed the medical examination, and paid the required premium. ...
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