What does Payroll Deduction mean? Read on to discover the definition & meaning of the term Payroll Deduction - to help you better understand the language used in insurance policies.
A method of paying insurance premiums, typically for personal lines policies, that is sometimes offered as an employee benefit. The policyholder (employee) authorizes the employer to deduct the premium from his or her paycheck.
We hope the you have a better understanding of the meaning of Payroll Deduction.