Vesting, Immediate
Employee's full entitlement, with no waiting period, to benefits under a pension or retirement plan. In the case of a contributory plan, there is immediate vesting of the employee's own contributions, plus the earnings attributable to those contributions. As to employer contributions in contributory and noncontributory plans, vesting depends on the terms of the plans, although maximum time limits for full vesting are set by law. Some plans provide immediate vesting of employer contributions in the case of death or disability, simplified employee pension (sep) plans require immediate vesting of employer contributions.
Popular Insurance Terms
Amount subtracted from an annuity or from mutual fund proceeds payable to an annuity owner or mutual fund owner to reflect expense fees described in the annuity contract or mutual fund ...
Evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to ...
Provision in a property insurance policy to the effect that in the event the insured and insurer cannot agree on the amount of a claim settlement, each appoints an appraiser. The appraisers ...
Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
Theory that the probability that two independent events will occur is equal to the probability that one independent event will occur times the probability that a second independent event ...
Type of accounting method, in life insurance, designed to match revenues and expenses of an insurer according to principles designed by the Financial Accounting Standards Board and the ...
Circumstance resulting when government expenditures exceed government income. To finance this difference, the United States Treasury will auction Treasury bills, notes, and bonds. In order ...
Coverage in the event of threats to injure an insured or damage or destroy his property. ...
Physiological or psychological condition that prevents an insured from performing normal job functions. ...
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