A combination of a single premium immediate annuity and a single premium deferred annuity whereby the premium is split between the two. The immediate annuity provides a current income, only part of which is taxed, while the deferred annuity accumulates over time to the original total premium invested.
Insurance Encyclopedia
Split billing
In Medicare fraud, to use a separated or divided billing scheme such as billing procedures over a period of days when all treatment occurred during one visit.
Split Charter
Where a number of consignments from different shippers are carried on the same non-scheduled aircraft.
Split Deductible
Per-loss deductible under which the amount of each loss the insured retains differs, depending upon the peril causing the loss. For example, a split deductible may call upon the insured to pay the first Rs. 5,000 of any Fire loss but only the first Rs. 500 of any windstorm loss or vice-versa.
Split dollar coverage
A general term used to refer to a plan wherein the employer and employee share the costs of the premium. How the premium is divided can vary based on the type of policy.
Split dollar plan (Life Insurance)
A life insurance contract purchased jointly by the employer and employee. They share the costs of the premiums and any benefits paid out.
Split Exclusions
Refers to an exclusion format in some D&O insurance policies pursuant to which some exclusions apply to both Insuring Agreement A (i.e., coverage for non-indemnified loss) and Insuring Agreement B (i.e., coverage for indemnified loss), and other exclusions apply only to Insuring Agreement A. The exclusions that typically apply only to Insuring Agreement A under a split exclusion format are the fraud/willful violation of statute, illegal personal profit and the Section 16(b) exclusions. Unlike other standard exclusions in the D&O insurance policy, these exclusions are generally included within the policy because the conduct described in the exclusions is generally considered to be conduct for which the directors and officers should not be protected by insurance. However, if the company is permitted to indemnify the directors and officers for such conduct, then the D&O insurer arguably should reimburse the company for that indemnification obligation and thus the exclusions arguably should not apply to Insuring Agreement B, but only Insuring Agreement A. Only some D&O insurance policies contain this split exclusion format. The remaining policies apply all exclusions to both Insuring Agreements and therefore all exclusions apply regardless whether the company is permitted to indemnify for the loss.
Split funded plan
Type of retirement plan in which contributions are shared between the insured and an uninsured plan to have advantages of guaranteed income and investment flexibility.
split funding
System of funding a retirement plan in which part of the total contributions are used to purchase a permanent life insurance policy and the remainder of the funds are used to purchase another fund held and invested by a trustee.
Split life insurance (Life Insurance)
Insurance that is partially an installment annuity and partially term insurance. In this type of insurance, the premium amount paid determines the amount of insurance the annuitant can purchase. This is a one-year term policy that can be placed on anyone’s life.