Posted on July 20, 2013July 20, 2013
A term used in pension or retirement plans. With immediate vesting an employee’s right to benefits begin as soon as he enters the plan. See also Vesting.
Occurs where the insured property is so damaged that it ceases to be a thing of the kind insured; that is, it changes its specie. An example would be bags of cement which have been immersed in water.