Primary Insurance Amount (pia)
Monthly benefit payable to retired or disabled worker under Social Security. It is calculated by using the average monthly earnings of the covered person while working. Under this formula, lower-income workers receive a greater percent of the income they had earned while employed than do more highly paid workers. Benefits for spouse, other dependents, and survivors are figured as a percentage of the PIA. A worker who takes early retirement may receive a portion of the PIA at age 62. The PIA is used to calculate most other benefits.
Popular Insurance Terms
Automobile insurance plan, debated for a number of years, that is financed through a surcharge of a given number of cents per gallon (estimates run from 30 to 40 cents) to be paid by the ...
Individual receiving medical treatment who is not required to be hospitalized overnight. ...
Accounting method used to reduce income taxes on distributions from qualified pension or retirement plans. Ten-year averaging was repealed by the tax reform act of 1986 but is still ...
Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future benefits to be paid at retirement is ...
Rule that provides four requirements for monitoring the independent agent distribution system: The insurance company must be involved in the training of the independent agent. The ...
Work-related accident. Occupational accidents that injure employees are the responsibility of the employer and are covered by workers compensation insurance. In recent years, the term ...
Percentage of income required by a retiree to maintain a desired standard of living during the retirement years. ...
Same as term Associate in Risk Management: professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). ...
Effort by an individual to continue to receive disability income benefits by taking a continuing sickness or injury. ...
Have a question or comment?
We're here to help.