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-dollar insurance coverage

1. In disability income insurance, employer and employee each pay a portion of the premium. The employer pays for coverage for sick pay or paid disability leave as an employee benefit. The employee pays for disability coverage beyond what the employer provides. 2. In life insurance, premiums, ownership, and death proceeds are paid jointly by an employer and an employee. The employer may elect to pay part or all of the premium. If the employee dies, a beneficiary receives the difference between the cash value and the amount paid to the employer, whichever is greater. Two types of split-dollar life insurance policies are endorsement and collateral.

Split/shared office visit

Medically necessary patient encounter in which the physician and a qualified nonphysician practitioner each personally perform a substantive part of an evaluation and management visit (e.g., all or a part of the history, examination, or medical decision-making), face to face with the same patient on the same date of service.