Supplemental Benefit Formula

Definition of "Supplemental benefit formula"

Procedure in Social Security that sets the benefit level for a dependent of a retired or disabled person who is receiving Social Security benefits. For example, if a retired or disabled worker has a spouse over age 65, the spouse is entitled to a benefit that is 50% of that paid to the primary recipient. This benefit is also available to dependent children. Further, the spouse can elect to take a reduced benefit if he or she is between ages 62 and 65.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Provision of liability policies and the liability sections of package insurance policies, such as the personal automobile policy (pap), that pay medical expenses without regard to fault. ...

Pension plan funding instrument in which contributions paid by an employer are deposited to accumulate at interest. (These plans are usually noncontributory.) Upon retirement, an immediate ...

Insurance for which premiums are charged according to the size of the face amount of the policy, so that the greater the face amount, the lower the cost per $1000 unit of insurance. ...

Highest price investor is willing to pay for a stock or mutual fund unit and lowest price a seller of a stock or mutual fund is willing to accept. ...

Group of mutual insurers that provides insurance for nuclear reactors that standard property and liability policies exclude. The federal government provides supplementary coverage. ...

Limited number of payments, the first of which is due immediately, and payments thereafter are contingent upon the designated beneficiary (the annuitant) continuing to live. After the limit ...

Day-to-day care that a patient (generally older than 65) receives in a nursing facility or in his or her residence following an illness or injury, or in old age, such that the patient can ...

Measurement of the response of the cash flow of an insurance company to various interest rate scenarios; for example, how rising interest rates will affect the number of life insurance ...

Combination policy plan of fidelity insurance and crime insurance under five standard agreements: Insuring Agreement dishonesty of employees on either a COMMERCIAL BLANKET BOND or ...

Popular Insurance Questions