Group insurance plan in which all policyholders are insured for the same amount of benefits without regard to wages or job position.
Insurance Encyclopedia
level term insurance
Type of term insurance that gives a death benefit that remains the same during a specified period. Premiums usually remain the same throughout each term of coverage.
Level term insurance (Life Insurance)
A term life policy whose death benefit and premiums remain the same for the term of the contract.
Levelized commission schedule
Insurance commission table that provides different percentages for the first and renewal years of a policy. Also known as heaped commission schedule .
Leverage or Capitalization
Measures the exposure of a company’s surplus to various operating and financial practices. A highly leveraged, or poorly capitalized, company can show a high return on surplus but might be exposed to a high risk of instability.
Leverage, or capitalization
Measures the exposure of a company’s surplus to various operating and financial practices. A highly leveraged, or poorly capitalized, company can show a high return on surplus, but may be exposed to a high risk of instability.
Leveraged business
See: minimum deposit business .
leveraged employee stock ownership plan (LESOP)
Plan that borrows money and uses the funds to purchase stock of the employer. In turn the employer makes contributions to the plan on behalf of the participating employees. These are tax deductible for the employer and tax deferred for the employee. The ESOP uses the contributed money to pay the loan back and slowly gives the stock to the employees. Also see employee stock ownership plan (ESOP) .
Levy
1. General levy is paid by all occupational and personal pension schemes covered by the Pension Scheme Registry. The amount depends on the number of members. This levy funds the Registry, the Pensions Ombudsman and Opra, including grants made by Opra to OPAS. 2. The compensation levy is a part of the levy paid by the occupational pension schemes eligible for compensation. It pays the compensation and expenses of the Pensions Compensation Board.