Past Service Benefit


Definition of "Past service benefit"

Michelle Houze
  RE/MAX Platinum Realty

Private pension plan credit given for an employee's past service with an employer prior to establishment of a pension plan. Usually, a lower percentage of compensation is credited for benefits for past service than for future service benefits.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Extended Term Insurance

Nonforfeiture option that uses the cash value of an ordinary life policy as a single premium to purc ...

Liquor Liability Laws

Legislation that makes an establishment and/or individual selling liquor responsible for injuries ca ...

Arson

Actual or attempted malicious and deliberate burning of a physical asset owned by another party. Cov ...

Agent's Balance

Statement showing the amount of money owed the agent by the insurance company, according to the cont ...

Advisory Committee

Group that advises on employee benefit plans as to amount of benefits to be paid, how benefits are t ...

No-Asset Loan

A documentation requirement where the applicant's assets are not disclosed. ...

Related Real Estate FAQ

What Is Homeowners Association (HOA)?

Homeowners association is a nonprofit association that manages the common areas of a condominium or ...

What Is An Investment Property?

An investment property is a property you purchase with the intension of using it as a rental income ...

What Is A Credit Report?

A credit report is a report of all your debt information compiled by an independent agency. The cred ...

What Is A Closing?

The process of finalizing all the dealing associated with the sale and purchase of a home. (Also kno ...

How Much Life Insurance Do I Need?

Every person has a different idea of what financial security means. If so, should happen to you, how ...

What Do I Need To Know About Indemnity Insurance?

A principle of insurance which provides that when a loss occurs, the insured should be restored to t ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

What Costs Do Buyers and Sellers Pay On Big Day When Escrow Closes? Home Prices - The Extra Costs What is the Best Time of Year to Buy a Home? Top Five Reasons Your Home Offer was Rejected 5 signs of house foundation problems

FAQ

What is underwriting? What is a qualifying ratio? What is the difference between being prequalified and preapproved for a loan? What are prepayment penalties? What is flood insurance?