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.
Popular Insurance Terms
Same as term Material Misrepresentation: falsification of a material fact in such a manner that, had the insurance company known the truth, it would not have insured the risk. A material ...
Health insurance that provides income payments to the insured wage earner when income is interrupted or terminated because of illness, sickness, or accident. Definitions under this ...
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Stipulation of the exact time when the pension benefit guaranty corporation assumes the legal liabilities for an insured pension plan that is being terminated. ...
Investments made in a variety of securities issued by government agencies. ...
Transfer of property without payment. ...
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