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The commercial insurance market then pays for losses above the specified self-insurance limit per loss, thereby stopping the cost of losses to the self-insured above the retained values. Effectively the losses paid for by the insured before the stop-loss policy pays becomes the deductible layer.
Even with stop-loss insurance, the employer still retains one hundred percent of the risk of claims payments in a purely self-funded scenario. Stop-loss insurance reimbursements are made if the claims costs exceed the catastrophic claims levels in the policy, but if a stop-loss carrier became defunct or simply breached the contract, there would ...
This term is also now commonly used in commercial general liability (CGL) policies or so called "casualty" business. In these instances, the liability policies are written with a large (in excess of $50,000) self-insured retention (SIR) that operates somewhat like a deductible, but rather than being paid at the end of a claim (when a loss payment is made to a claimant), the money is paid up ...
Captive insurance is an alternative to self-insurance in which insured parties establish a licensed insurance company for their own use and benefit. [1] The company focuses its service on the specific risks of the insureds and is incentivized to price the insurance near cost, since it has no separate investors.
Individual Company Trigger (or Deductible): Trigger or deductible for individual company is 17.5 percent of premiums in 2006 and 20% in 2007. Industry-wide Retention: The industry as a whole must cover a certain amount of the losses before federal assistance is available. This amount rises from $15 billion in 2005 to $25 billion in 2006 and ...
What self-employment taxes are deductible? There are dozens of self-employment tax deductions, including advertising, retirement contributions, health insurance, self-employment tax deduction ...
FDIC insurance is backed by the full faith and credit of the U.S. government and guarantees bank consumers that their money is safe for up to a limit of $250,000 per depositor, per FDIC-insured ...
To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.