Old Age, Survivors, Disability, And Health Insurance (OASDHI)
Definition of "Old age, survivors, disability, and health insurance (OASDHI)"
Federal social insurance program that provides monthly benefits to qualified retirees, their dependents, their survivors, and, in some cases, disabled workers. OASDHI was created by the Social Security Act of 1935. Federal taxes are withheld from the paychecks of all covered workers, which includes most workers with the exception of public employees and certain union employees. Self-employed persons are also required to pay the tax. Benefits are paid to retired workers after age 65, with a partial benefit for retirees at age 62. Dependents and survivors of qualified workers also qualify for benefits, as do some categories of disabled workers and their dependents.
Popular Insurance Terms
Deductible amount between a basic health insurance plan and major medical insurance. ...
Any of a number of types of surety bonds that the law requires of government contractors, licensed businesses, litigants, fiduciaries, government officials, and others whose performance of ...
Agency formed as the result of bank failures in the 1930s to insure the deposits of customers of member banks. The FDIC, an agency of the federal government, is self-supporting in that it ...
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Individual responsible for insurance agency operation in a particular area, including sale of life and health insurance, servicing policies already sold, recruiting and training agents, and ...
Shipper's policies covering one cargo exposure or all cargo exposures by sea on all risks basis. Exclusions include war, nuclear disaster, wear and tear, dampness, mold, losses due to delay ...
Woman executor. ...
Amount credited to the cash value of an insured's life insurance policy above the minimum interest rate it guarantees. This payment is of extreme importance to a policyowner since it will ...
Figure in a mortality table derived by dividing the number of people dying during a given year by the number of people alive at the beginning of that same year. ...
Have a question or comment?
We're here to help.