yearly renewable term (YRT) insurance
Term life insurance that gives the policyowner the right to continue the coverage at the end of each year. This renewal right continues for a specified number of years or until the insured reaches the age specified in the contract. Also called annually renewable term (ART) insurance.

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year of service
As defined by ERISA in the United States, a 12-month period during which an employee completes at least 1,000 hours of service to the employer. See also hour of service.

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Year's Basic Exemption (YBE)
As defined by the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) in Canada, the first 10 percent of an employee's annual earnings up to the amount of the Year's Maximum Pensionable Earnings (YMPE).

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Year's Maximum Pensionable Earnings (YMPE)
In Canada, the maximum amount of employment earnings that, after deducting the Year's Basic Exemption, can be used to determine an individual's benefits under the Canada Pension Plan and Quebec Pension Plan. The YMPE is adjusted annually according to increases in wage levels.