Wholesale Life Insurance
Variation of group life insurance that covers a small group of persons who work for the same employer. With group life insurance, the employer owns the policy; with wholesale insurance, each employee applies for and owns his or her own policy. However, the employer must agree to pay at least part of wholesale life insurance premiums for the group to qualify for wholesale insurance. Wholesale insurance was devised for groups as small as 10 persons when group insurance was limited by law to a minimum of 50 members. Today, group insurance is sold to smaller groups and wholesale insurance is written for groups as small as five persons.
Popular Insurance Terms
Future benefits to be paid to the policyholders and beneficiaries, assigned surpluses, and miscellaneous debts. These primary liabilities take the form of reserves, which must be listed on ...
Table used by the Internal Revenue Service (IRS) in evaluating split dollar life insurance plans as to the extent of the economic benefit that is considered taxable ordinary income to the ...
Coverage on an all risks basis, subject to exclusions of war, wear and tear, loss resulting from delay, loss of market, infidelity of the insured's employee, loss due to rain, sleet, snow, ...
Federal legislation that established the old age survivors, disability, and health insurance (OASDHI). ...
To place insurance in force on an individual, individuals, or an organization. ...
Physician who conducts physicals of applicants for life and/or health insurance. This physician is selected by the insurance company at its expense. ...
Contract providing a monthly income benefit to members of a group of employees. A group annuity has the same characteristics as an individual annuity, except that it is underwritten on a ...
Same as term : Self Insurance: protecting against loss by setting aside one's own money. This can be done on a mathematical basis by establishing a separate fund into which funds are ...
Total of the insurance company's mortgages whose interest has not been paid for at least three months. These are mortgages upon which the insurance company is in the process of foreclosing, ...
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