Dependent
A person who relies on another for economic support. For insurance purposes, the following may be included:
- the insured's legal spouse;
- any unmarried children younger than a specified age who are dependent upon the insured for support (age requirements vary from plan to plan);
- unmarried children between specified years of age who are dependent upon the insured for support, and who are full-time students in an educational institution (age requirements vary).
Popular Insurance Terms
Restriction on the benefit that owners and other highly compensated individuals may receive from a qualified pension or other employee benefits. The U.S. Tax Code requires that benefits ...
Cost of an annuity. Annuities are often paid for in a lump sum rather than annual or other periodic payments. This sum, which guarantees an income, usually for life, is called the purchase ...
Interest of a beneficiary in the proceeds of a survivorship annuity. ...
Act first passed in 1962 that permits the self-employed individual to establish his or her own retirement plan. This individual can make nondeductible voluntary contributions and ...
Increases (decreases) in capital assets (such as stocks and bonds) between the date of purchase and the date of sale. ...
Act by a company that authorizes an agent to act on its behalf. ...
Amount of insurance coverage that an insurance company is willing to write on a given category of business. ...
Coverage giving income benefits to surviving family member (s) if one member should die. These include the family income policy, family income rider, family maintenance policy, and the ...
Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon ...
Have a question or comment?
We're here to help.