Insured Plan - Law Dictionary Search Results
Home Dictionary Name: insured planinsured plan
insured plan : a pension or retirement plan managed by an insurance company under which contributions are used to purchase life insurance or annuities as a means of funding the benefits promised ...
Policy of group insurance
Policy of group insurance, means any instrument covering not less than fifty or such smaller number as the Central Government may approve, either generally or with reference to any particular case, by which an insurer, in consideration of a premium paid by an employer or by an employer and his employees jointly, engages to cover, with or without medical examination and for the sole benefit of persons other than the employer, the lives of all the employees or of any class of them, determined by conditions pertaining to the employment, for amounts of insurance based upon a plan which precludes individual selection. [Indian Stamp Act, 1899 (2 of 1899), s. 2 (19A); Rajasthan Stamp Act, 1999, s. 2(28)]Policy of sea-insurance or sea-policy,--(a) means any insurance made upon any ship or vessel (whether for marine or inland navigation), or upon the machinery, tackle or furniture of any ship or vessel, or person, any goods, merchandise or property of any description whatever on board of any sh...
insurance certificate
insurance certificate 1 : a certificate issued by an insurer to a shipper as evidence that a shipment of merchandise is covered under a marine insurance policy 2 : a certificate issued in place of an insurance policy by an insurer to one insured as evidence of membership in an insurance or pension plan ...
Micro-insurance policy
Micro-insurance policy, means an insurance policy sold under a plan which has been specifically approved by the Authority as a micro-insurance product [Insurance Regulatory and Development Authority (Micro-insurance) Regulations, 2005, R.2(g)]...
qualifying event
qualifying event : an event or condition (as a terminal illness) that permits an acceleration or continuation of benefits or coverage ;esp : an event involving an employee covered by a group health insurance plan that would result in a termination of coverage for the employee or a qualified beneficiary if not for federal provisions for the continuation of such coverage (as for six months) NOTE: Qualifying events for continuation of group health insurance coverage include the death, divorce, or legal separation of the employee, termination from employment for a reason other than gross misconduct, reduction in working hours, and the change in status of a child who ceases to be classified as a dependent under the terms of the plan. An employee is entitled to notice of the right to continuation after a qualifying event occurs. ...
split-funded plan
split-funded plan : a retirement plan combining life insurance and an investment fund ...
estate planning
estate planning : the arranging for the disposition and management of one's estate at death through the use of wills, trusts, insurance policies, and other devices ...
Contribution plan
A plan of distributing surplus by giving to each policy the excess of premiums and interest earned thereon over the expenses of management cost of insurance and the policy value at the date of computation This excess is called the contribution of the policy...
contribution
contribution 1 : payment of a share of an amount for which one is liable: as a : shared payment of a judgment by joint tortfeasors esp. according to proportional fault compare apportion b : pro rata apportionment of loss among all the insurance policies covering the same person or property compare indemnity 2 : the money paid by one responsible for a share 3 : payment to a common fund (as by an employer or employee to an insurance plan or retirement fund) ...
no-fault
no-fault 1 : of, relating to, or being a motor vehicle insurance plan under which someone injured in an accident is compensated usually up to a stipulated limit for esp. actual losses (as for property damage, medical bills, and lost wages) by that person's own insurer regardless of who is responsible for the accident and is prohibited from or limited in his or her right to sue the responsible party 2 : of or relating to no-fault divorce [a ground for dissolution] see also no-fault divorce at divorce ...
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