Spouse's Benefit
Definition of "Spouse's benefit"
Insured sum paid regularly to a married partner (usually a wife but sometimes a husband) of a retired worker. There are several forms:
- The Federal Retirement Equity Act mandates a spouse's benefit payable out of a husband's pension, unless cancelled under specified conditions.
- Under Social Security, a spouse receives a benefit upon reaching age 65, whether or not that person has earned Social Security credits.
- Some business firms provide for a spouse's benefit at the death of a retired worker, usually a percentage of the deceased worker's last highest salary, funded out of the deceased's pension.
- A joint and survivor annuity can provide a spouse's benefit. For example, a joint and two-thirds annuity gives the couple an income for as long as both are alive, and when one dies the survivor receives two-thirds of the amount they had been getting.
Popular Insurance Terms
Arrangement between the buyer and the seller in which there is a mutual agreement to buy or sell a security at a given price at a stipulated future date. These contracts are effected on a ...
Agreement under which an annuitant receives a predetermined monthly income benefit for life upon the death of the insured. Should the annuitant predecease the insured, the contract is ...
Legislation establishing the minimum education and experience level required by the state as a prerequisite for a person to become a licensed agent. ...
Disciplined approach to managing an insurance company's bond portfolio duration. When interest rates rise, the average maturity and duration of the bond portfolio is lengthened, resulting ...
Buy-sell agreements found in partnerships, sole proprietorships, and close corporations. Either the business entity or the surviving members of the business agree to buy out the interest of ...
Ocean marine insurance covering one trip. Ocean marine insurance is written either for a specific time period or per trip. A voyage policy is usually written for cargo, whereas a time ...
Life insurance on the life of a child that provides a death benefit to a beneficiary should the child die during a stipulated time period and the maturity value of the policy at the end of ...
Life insurance policy under which there is rapid buildup of cash values due to high initial premiums such that after a given point in time no further premium payments are required (future ...
Coverage for accidental injury, accidental death, or sickness; also called Accident and Sickness Insurance. Benefits include paid hospital expenses, medical expenses, surgical expenses, and ...
Have a question or comment?
We're here to help.