Secondary Beneficiary When the primary beneficiary cannot collect possessions, the Secondary Beneficiary becomes the next one in order. If the primary beneficiary is not alive when the grantor dies...
Service benefits Service benefits refers health insurance benefits that pay hospital charges or payment for care received by the insured directly to the hospital or providers of care. The plan provides service rather than
Revocable beneficiary Revocable beneficiary designation allowing the policyholder the right to change the beneficiary without consent of the beneficiary.
Primary Beneficiary An individual or entity identified as the one in line after the death of the owner to receive property is known as a Primary Beneficiary.
Pension accrual benefit Pension accrual benefit is a disability income benefit that makes a pension contribution so that the disabled employee’s pension benefit remains intact.
Pension Benefit Guaranty Corporation (PBGC) Pension Benefit Guaranty Corporation (PBGC) is a federal corporation that guarantees the payment of vested or nonforfeitable benefits up to
Irrevocable beneficiary Irrevocable beneficiary designation allowing no change to be made in the beneficiary of an insurance policy without the beneficiary’s
Defined-benefit plan Defined-benefit plan is a type of pension plan in which the retirement benefit is known in advance but the contributions vary depending on
Coordination-of-benefits provision Coordination-of-benefits provision in a group medical expense plan that prevents over-insurance and duplication of benefits when one person is covered under more than one group plan.
Definition
[ n.]