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
Deferred annuity under which one premium payment is made and the annuity is paid up (no further premium payments are required). ...
Coverage for bodily injury, property damage or destruction, for which the insured garage and/or its representatives become legally liable resulting from the operation of the garage. For ...
Same as term Disability Benefit: income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's ...
Formal process of setting aside funds on a mathematical basis to provide deferred income benefits. ...
Specific values of securities computed annually by the national association of insurance commissioners (NAIC) as guidelines and procedures for insurance companies in listing of their ...
List of cash allowances for various types of surgeries. ...
Bodily or emotional injury resulting from physical or mental wound or shock. A traumatic injury is caused by something outside the person's body as opposed to a sickness or a disease. An ...
In a commercial general liability (comprehensive general liability) policy, exclusion of coverage for sold premises. The objective of this exclusion is to eliminate coverage for property ...
tort against another person's property, designed to detain or dispose of it in a wrongful manner. For example, wrongful selling of another person's automobile without permission would ...
Have a question or comment?
We're here to help.