Normal Annuity Form
Definition of "Normal annuity form"
Cost computation form that assumes retirement and commencement of annuity payments on the first day of the month nearest the birthday when a retiree reaches normal retirement age. Most employee pension plans provide for a normal retirement age of 65, with pension or annuity payments to begin at that time. But many also provide an optional annuity form for those who wish to either retire before or continue working past the normal retirement age. These employees receive reduced benefits, in the case of the early retirees, or, possibly, enhanced benefits for those who work longer.
Popular Insurance Terms
Day-to-day care that a patient (generally older than 65) receives in a nursing facility or in his or her residence following an illness or injury, or in old age, such that the patient can ...
Modest amounts of coverage sold on a debit basis. The face amount is usually less than $1000. ...
Same as term Export-Import Bank: partnership between an agency of the U.S. government and the Foreign Credit Insurance Association (50 commercial insurance companies, both stock and ...
Regulations of the national association of insurance commissioners (naic) that dictate provisions that all individual health insurance policies must contain. All states now require these ...
Indemnification of a school for the loss of tuition, and room and board fees when it is forced to suspend classes because of the occurrence of a peril. ...
Department in an insurance company that prepares policies to be sent to the policyholder, sends the policies, and keeps records of the policies that were sent. ...
Person who has the responsibility for examining the risk to determine whether or not to insure it. ...
Particular type of inland marine insurance. ...
Same as term Binder: temporary insurance contract providing coverage until a permanent policy is issued. In property and casualty insurance, some agents have authority to bind the insurance ...
Have a question or comment?
We're here to help.