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 Glossary   >   C   >   "Clawback" Definition   

        Clawback

1. Previously given monies or benefits that are taken back due to specially arising circumstances.

  1. A practice whereby a pension scheme will offset an amount equivalent to the state pension against a target pension so as to arrive at the amount payable by the scheme.
  2. If commission is paid to an intermediary by a financial institution for the introduction of business and this does not stay in force for a certain pre-determined period a part of the commission may be repayable to the institution. This is known as "clawback". The practice is more prevalent among insurance companies.


A term used in life assurance where under certain conditions, life assurance premium relief (LAPR) given under a life policy could be recovered (or clawed back) by the Inland Revenue. Although not extinct, the situation has much less relevance nowadays.Where a life company advances indemnity commission to an agent, the company does so on the understanding it will be entitled to recover some or all of the commission paid if the relevant policy is cancelled within a given period.

Clawback
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Clawback - 1. Previously given monies or benefits that are taken back due to specially arising circumstances.

  1. A practice whereby a pension scheme will offset an amount equivalent to the state pension against a target pension so as to arrive at the amount payable by the scheme.
  2. If commission is paid to an intermediary by a financial institution for the introduction of business and this does not stay in force for a certain pre-determined period a part of the commission may be repayable to the institution. This is known as "clawback". The practice is more prevalent among insurance companies.


A term used in life assurance where under certain conditions, life assurance premium relief (LAPR) given under a life policy could be recovered (or clawed back) by the Inland Revenue. Although not extinct, the situation has much less relevance nowadays.Where a life company advances indemnity commission to an agent, the company does so on the understanding it will be entitled to recover some or all of the commission paid if the relevant policy is cancelled within a given period.


Clawback : 1. previously given monies or benefits that are taken back due to specially arising circumstances.

  1. a practice whereby a pension scheme will offset an amount equivalent to the state pension against a target pension so as to arrive at the amount payable by the scheme.
  2. if commission is paid to an intermediary by a financial institution for the introduction of business and this does not stay in force for a certain pre-determined period a part of the commission may be repayable to the institution. this is known as "clawback". the practice is more prevalent among insurance companies.


a term used in life assurance where under certain conditions, life assurance premium relief (lapr) given under a life policy could be recovered (or clawed back) by the inland revenue. although not extinct, the situation has much less relevance nowadays.where a life company advances indemnity commission to an agent, the company does so on the understanding it will be entitled to recover some or all of the commission paid if the relevant policy is cancelled within a given period.