Resources
Resource LinksReference Library: Glossary of Terms
S
Salary-Reduction Plan
A plan whereby an employee authorizes the employer to reduce the amount of compensation that the employee receives in cash and to contribute the difference to a group insurance, pension or other employee-benefit plan.
Self-Administered Group Insurance Plan
Under this type of group insurance plan, the group policyholder rather than the insurer performs most of the administrative work for the plan. The policyholder maintains detailed records of group membership, processes routine requests, such as requests for beneficiary changes and name and address changes, prepares its own premium statements, and, in some cases, prepares certificates for new group members.
Self-Insured Group Insurance
A form of group insurance in which the group sponsor, not an insurance company, is financially responsible for paying claims made by group insured's. A group may be partially or fully self-insured.
Short-Term Disability Income Insurance
Disability income insurance, which provides a benefit for a short disability or for the first part of a long disability. See also disability income insurance.
Small Group Insurance Plan
A type of group life insurance plan that uses group underwriting techniques but adds some degree of simplified individual underwriting and is designed to cover groups containing 2 to 25 people. Also called a baby group plan.