What does Section 79 Plan mean? Read on to discover the definition & meaning of the term Section 79 Plan - to help you better understand the language used in insurance policies.
Section 79 Plan
A section 79 plan is a type of life insurance that is offered as a benefit to employees. This type of life insurance coverage is desirable because the premiums are entirely tax deductible for the business as long as the value of the insurance is less than $50,000 per employee.
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 Section 79 Plan. 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: