Federal Insurance Contributions Act (fica)
Tax charged to finance the old age, survivors, disability, and health insurance (OASDHI) plan. Both employer and employee share in the cost, making contributions on an equal basis. The employer pays the tax on its payroll, and the employee pays the tax on wages earned. The total contribution (employer and employee payments) tax rate is 15.3% in 1990 for the covered wages.
Popular Insurance Terms
Same as term Disability Benefit: income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's ...
To which the original investment sums build at a stipulated interest rate. ...
Ordinary life insurance under which premiums are calculated so that the first few years of premiums are less than normal, and subsequent premiums are higher than normal. ...
Endorsement to a homeowners insurance policy or a personal automobile policy (pap) that covers physical damage to a snowmobile wherever it happens to be. Coverage can be on named peril or ...
Specific time at which the insurance policy coverage begins and ends. ...
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Coverage in which an applicant lot required to take a medical examination, instead answers written questions to ascertain his current physical condition. ...
Provision in many property insurance policies that allows an insured to pick coverage for selected perils. The choices are explosion; explosion, riot and civil commotion; explosion, riot ...
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