Benefit Trigger

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Benefit Trigger

Any event that causes a pension or annuity to start making payments to a beneficiary. Retirement and the attainment of a certain age are common benefit triggers.
References in periodicals archive ?
Under the federal CLASS Act (Community Living Assistance Services and Support Act), benefit triggers will parallel private sector triggers, although it has yet to be determined whether the law will require meeting two or three activities.
This perception, however, does not mean that a non-tax-qualified plan will automatically have more liberal benefit triggers than tax-qualified plans.
Exhibit 2: Eligibility Requirements Tax-Qualified LTC Plans Non-tax-Qualified LTC Plans Common Benefit Triggers Common Benefit Triggers * Activities of daily living: * Activities of daily living: HIPAA requires that a policy LTC professionals generally acknowledge only five ADLs.
Of particular interest to employers based in California, LTC insurers need to comply with California Senate Bill 1943, which specifies certain benefit triggers for payment of the LTC benefits and puts other restrictions on LTC coverage that may be offered in the state.
They include finalizing nonforfeiture, rate stabilization and suitability proposals; evaluating and recommending changes to the existing loss ratio requirements for Long Term Care policies; determining if the development of standard benefit triggers are appropriate and feasible in Long Term Care Insurance policies; reviewing reconciling reporting for Medicare supplement insurance loss ratio data to ensure consistency in the data that is reported; monitoring the implementation of the revised Medicare supplement insurance minimum standards pursuant to the Omnibus Budget Reconciliation Act of 1990 (OBRA 1990); and revising sections of the Training Manual for Senior Counseling Programs for consistency with health reform initiatives.