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This use is commonly known as "key man" or "key person" insurance. Although this article refers only to practice and policy in the United States, key person insurance is used in other countries as well. Primarily in the 1990s, some companies aggressively insured a broad base of employees, as part of general hiring requirements.
Prior to the Act, insurance companies were taxed on their income in a very similar manner as other corporations. However, Section 831(b) changed this by allowing small insurance companies with annual premiums of $1.2 million or less (a figure that has since been adjusted for inflation) to opt for an alternative tax calculation.
The International Rescue Committee (IRC) is a global humanitarian aid, relief, and development nongovernmental organization. [3] Founded in 1933 as the International Relief Association, at the request of Albert Einstein, and changing its name in 1942 after amalgamating with the similar Emergency Rescue Committee, the IRC provides emergency aid and long-term assistance to refugees and those ...
Tyler Perry is opening up about the devastation of the Los Angeles wildfires — and criticizing insurance companies for the role they played as people lost their homes. In a post shared on his ...
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The Group Life Insurance Handbook, Darlene K. Chandler, J.D., CLU, ChFC, The National Underwriter Company, 1997; Planning for Business Owners and Professionals, Ted Kurlowicz, James Ivers III, John J. McFadden, The American College, 2003; Section 79, IRC; Treasury Reg 1.79; Diminimus Fringe Benefits -Notice 89-110 / IRC Sec 132(e)
Insurance Commissioner Jim Donelon said the recovery program moved tens of thousands of people off the rolls of Louisiana Citizens and into policies held by private insurers, who on average raised ...
As a result, a state may not "deem" that an employee benefit plan is an insurance plan in an effort to sidestep preemption if the benefit plan would not otherwise meet the requirements as an insurance company or contract. The "deemer" clause therefore restricts the use of the "savings" clause to conventionally insured employee benefit plans. [20]