The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans.
Loss of income insurance provides coverage in property insurance for an employee’s lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. Additionally, in health insurance, it compensates for lost income when an insured becomes disabled and cannot work.
