What GROUP TERM LIFE INSURANCE means: Life insurance coverage purchased by an employer for a group of employees. Such insurance is renewable on a year-to-year basis and does not accumulate in value; that is, no cash surrender value is built up. The premiums paid by the employer on such insurance are usually not taxed to an employee unless coverage exceeds $50,000.
- Definition General Rule:
- Dictionary The method of determining the taxable part of a pension used when the taxpayer is not eligible to use the simplified method group term life insurance.
- Definition Gross Income:
- Dictionary Total worldwide income received in the form of money, property, or services that is subject to tax unless specifically exempt or excluded by law group term life insurance.
- Definition Golden Parachute:
- Dictionary An agreement entered into by a corporation with its top executives to make payments to the executives in the event of a change in corporate control. Such payments are treated as compensation group term life insurance.
- Definition General Straight-Line Depreciation System:
- Dictionary A MACRS system of depreciation using the straight-line method over the normal MACRS recovery period for the asset group term life insurance.
How works Group Term Life Insurance meaning in Tah definition G .