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 ?
To be considered a qualified long-term care insurance contract, a policy must take into account at least five of these ADLs in determining whether a person is a chronically ill individual under the ADL benefit trigger as defined above.
One benefit trigger for a qualified contract is the ADL (activities of daily living) benefit trigger.
This means if a patient is insured, his temptation to avail medical benefit triggers which ultimately leads him to make fake bills.
From this point, there are different types of benefit triggers, payment mechanisms and enhancing features that may apply depending upon the type of product and the client's needs.
The LTC riders have benefit triggers familiar to those who sell LTC insurance (tax code 7702B), and the advisors also must have LTC CE training.
In this act, the traditional definitions for defining the six ADLs (activities of daily living) and/or Alzheimer's benefit triggers were standardized.
In the world of modern private long-term care insurance, benefits are payable when one of two sets of benefit triggers is met.
CLASS is a federally mandated program in which employed people who do not opt out may prepay for cash LTC benefits without underwriting and with their "premiums," benefits, and benefit triggers determined solely by the Secretary of Health and Human Services based on the program's future actuarial solvency.