What does Salary Savings Insurance mean? Read on to discover the definition & meaning of the term Salary Savings Insurance - to help you better understand the language used in insurance policies.
Salary Savings Insurance
Salary savings insurance is a type of life insurance in which an employer takes part of an employee's salary and uses it to pay for that employee's life insurance premiums. In other words, salary savings insurance involves an employer helping an employee get life insurance by using a cut of their pay to fund the policy.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Salary Savings Insurance. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: