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Business Partner Protection: insurance purchased on the life of a member of a company by one
company. It is often bought by partnerships to protect the surviving
partners against loss caused by the death of a partner or by a corporation
to reimburse it for loss caused by the death of a key employee.
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Deposit Administration Plan:
a group annuity plan, often to administer pensions, in which the members of
the plan (or their employers) make scheduled deposits. (These payments may
go into a single group fund which may be invested.) When each member reaches
retirement, annuities will be paid as long as the member is alive.
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Group Accident: a
contract of insurance purchased by a company for its staff members against
loss by an event or occurrence which is unforeseen and unintended.
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Group Life: a
contract of life insurance written on a number of people under a single
master policy issued to their employer or to an association with which they
are affiliated.
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Keyman Insurance: a
contract of insurance designed to protect a business firm against the loss
of income resulting from the death or disability of a key employee.
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Loss of Income (PHI):
a benefit in health, accident, or disability insurance policies to provide
for loss of the insured's wages or income while ill, injured or disabled.
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Pension Scheme: a
plan established and maintained by an employer, group of employers, union or
any combination, primarily to provide for the payment of definitely
determinable benefits to participants after retirement.
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Provident Fund: a
retirement plan for employees. Both employers and employees make
contributions to the plan based on a percentage of the employees’ salaries.
