Option to use the proceeds of a pension plan to buy an annuity from the insurer concerned at its current market rate as an alternative to taking the guaranteed annuity option. See also OPEN MARKET OPTION.
Tag: RAW
Tied Representative / Tied Channel of Distribution of Insurance
Comprises of individuals who in addition to representing one life insurer and one non-life insurer can also represent one standalone health insurer. In addition, the same individual agent can also be associated with two specialized insurers viz., Agriculture Insurance Company of India (for selling crop insurance) and Export Credit Guarantee Corporation of India.
Tier
In Medicare Part D plans, a drug formulary is divided into tiers, with each representing a different level of cost-sharing by the insured. Some plans may have more tiers and some may have less (e.g., tiers 1, 2, 3 and/or a specialty tier).
Tier, A
Under the Medicare Part D prescription drug plan, this is a specific list of drugs. A plan may have several tiers, and the patient’s copayment amount depends on which tier the drug is listed in. The plans are variable because patients can choose their own tiers. Each plan benefit booklet contains the list of drugs pertinent to a specific plan.