Retirement Test
Definition of "Retirement test"
Requirement that a retired worker can have annual earnings of no more than a stipulated amount in order to receive a full retirement income under Social Security if under age 70. There is a reduction of $ 1 of every $3 earned in excess of that amount. Once the retired worker reaches age 70, that worker can earn any amount without a corresponding decrease in Social Security income.
Popular Insurance Terms
worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
In property insurance, a stipulated agreement between the insurance company and the insured that the amount of insurance coverage under the policy is sufficient to be in compliance with the ...
Computer system established by London trade associations for processing insurance policies. The work of LIMNET involves the notification and settlement of insurance policy claims. ...
Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
Decision in the absence of a plaintiff or defendant at the specified court time. ...
Process of distributing the costs associated with losses and risks over a number of insureds. ...
Property coverage for damage or destruction of structures in the course of construction. For example, the standing frame of a house destroyed by fire would be covered. ...
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Reserves required by state regulators. Because regulators must assure that an insurance company remains solvent and that it can pay future claims, they set conservative standards for ...
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