A combination of work-related and non-work-related benefits that provides 24-hour coverage for illnesses and injuries.
Tag: HEALTH
401h trust
A restricted account used to pay for employee insurance costs after retirement. Employer contributions are tax deductible and are limited to 25% of contributions to retirement benefits.
Abstainers Insurance
The insurance of total abstainers from alcoholic liquids on terms more favourable than those available to the general public in health and motor insurance.
In-area services
Health care services that are offered in a geographical area designated in the contract.
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Services which are provided within the “authorized” service area as designated in the plan.
Limited health insurance
Health insurance that only covers certain illnesses or injuries as specified in the contract.
Long term care insurance
Health insurance that pays out a daily benefit upon the insured becoming a resident in a nursing home.
Overage insurance
Health insurance issued to an insured over the age of 65, which is the usual limit.
Surgical insurance benefits
Health insurance that covers losses because of surgical expenses.
Yearly renewable term (YRT)
A term life insurance policy that can be renewed yearly without providing proof of insurability, up until a predetermined age. This term can also refer to a type of reinsurance in which the reinsurer only takes on the mortality risk.*******
A form of life reinsurance under which the risks, but not the permanent plan reserves, are transferred to the reinsurer for a premium that varies each year with the amount at risk and the ages of the insureds may be subject to an experience refund.