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
The regulation that, prior to its repeal, limited the amount of interest a time deposit at a bank could pay. ...
Obligations of shipowners for water polluted by spills from their ships. If a ship discharges oil or other polluting or hazardous substances into the water, the shipowner is responsible ...
Package coverage for a dwelling and its contents, barns, stables, and other land structures as well as liability coverage. By means of a number of special forms that follow the format of ...
Type of universal variable life insurance policy that provides guideline premiums to be paid usually by the policy owner. Charges on a monthly basis usually include the cost of insurance, ...
Premium charged for an insurance policy whose coverage does not vary according to the insured loss experience. The premium is calculated either on a specified rating basis or on a ...
Layman description of the key features and benefits of a pension plan that must be filed with the Department of Labor. Periodic updates of this summary must also be provided to the ...
Period of time of insurance coverage. If a loss occurs during this time, insurance benefits are paid. If a loss occurs after this time period has expired, no insurance benefits are paid. ...
Model law endorsed by the national association of insurance commissioners (naic) giving state regulators broad new powers to deal with financially troubled insurance companies. The act was ...
Bond that reimburses a business for loss caused by the dishonest act of an employee. Since crime insurance policies exclude coverage of dishonest acts of employees, it is necessary to have ...
Have a question or comment?
We're here to help.