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
Return of a percentage of premium paid by a business firm if its loss record is better than the amount loaded into the basic premium. ...
Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
Type of inland marine insurance that provides coverage for jewels, watches, gold, silver, platinum, pearls, precious and semiprecious stones. Property can be owned by the insured jeweler, ...
Monetary fund established to pay for claims that the insurance company is aware of (claims incurred or future claims) but that the insurance company has not yet settled. This reserve is ...
Assets, such as furniture and fixtures, that are not permitted by state law to be included in an insurance company's ANNUAL STATEMENT. ...
Same as term Tabular Plans: retrospective rating system with basic, minimum, and maximum premium rates listed in manual tables. Calculation of an individual premium involves adjusting the ...
Group that monitors government health insurance programs. Authorized by the 1972 amendment to the Social Security Act, PSROs were set up to cut costs and minimize abuses by checking on the ...
Prospective insured who completes and signs a written form containing personal statements about himself/herself. ...
Same as term Ceding Company: insurance company that transfers a risk to a reinsurance company. ...
Have a question or comment?
We're here to help.