Collective or group insurance plan under which the group members must partly or fully contribute to the premiums to be covered under the collective or group insurance policy.
Archives: Glossary Terms
Individual retirement plan
A savings account for retirement established by a person and which meets certain requirements to obtain a favorable tax treatment.
Non-contributory plan
(1) Collective insurance plan under which the members of the insured group are not required to contribute to the coverage of a portion of the premium. (2) A retirement plan that does not require employee contributions.
Grace period
A determined period of time within which a lapsed renewal premium may be paid without interest and during which the policy remains in force.
Life annuity or annuity period
The period of time between each payment in the series of periodic life annuity or annuity benefit payments.
Benefit period
The specified period during which the insurer will pay income benefits under a disability income policy.
Waiting period
The period—usually from one to six months—that a new group member must wait before being eligible to participate in a collective or group insurance plan.
Eligibility or registration period
The period of time—usually 31 days—following the probation period during which a new member of the group may register for the first time to obtain collective or group insurance coverage.
Pay out or settlement period
The period during which life annuity or annuity benefits are paid.
Accumulation period
The period between the moment in which the contract holder purchases a deferred life annuity or annuity and the moment in which the pay out period starts.