Sentences with phrase «employer is the owner of the policy»

Under the economic benefit arrangement the employer is the owner of the policy, pays the premium and endorses or assigns certain rights and / or benefits to the employee.

Not exact matches

In the collateral assignment form, the employee is formally designated as the owner of the contract, and the employer's premium advances are secured by a collateral assignment of the policy.

In cases where the employer of your spouse is the owner of the policy on behalf of your spouse, and the beneficiary is you or the employer, any proceeds above the premiums paid are considered to be taxable income to the death benefit's recipient.

Besides an organization (the employer) being the owner of the policy, group life insurance works essentially the same as individual policies.

The guide is intended for employers, HR, managers, owners who are considering programs and policies to improve psychological health in their organizations, unions, legal and regulatory professionals, consultants and others with a stake in maintaining the psychological health and safety of workers.

The owner and beneficiary of the policy is the employer, while the life insured is the key employee.

Keep in mind that Employment Practices Liability Insurance is provided automatically on most business owner policies and covers a wide range of employer / employee related risks that you could be responsible for.

If your policy was issued after 8/16/2006, the life insurance death benefit on the life of a company employee payable to policy owner / employer can be subjected to income taxes.

The owner of the policy must have an insurable interest in your life in order to be the owner of the policy, but this includes any grown children as well as some employers and close friends.

Typically, the owner of the policy is an employer or an entity such as a labor organization.

In a group insurance contract, the policy owner is the employer or an organization, and the policy covers employees or members of that particular organization.

Under the loan arrangement, the employee is the owner of the policy and the employer pays the premium.