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
Coverage of a common carrier for liability on trucks that have delivered their cargo and are on the way back to the terminal. The company that hires the truck assumes liability while the ...
Amount that each member of a pool contributes to that pool. ...
Provision that holds a re-insurer liable for its share of losses even if the ceding company becomes insolvent before paying these losses. For example, XYZ Insurance Co. writes a fire policy ...
Endorsement attached to an insurance policy that eliminates coverage for certain specified perils. ...
Derivative representing a legal obligation to carry out a transaction that has been prearranged according to a stipulated price and date in the future. There are numerous types of financial ...
Coverage in property insurance for an employee's lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. For example, a ...
Rate of increase in asset value. ...
States that allow the placement of surplus lines only with insurance companies that the states have approved. ...
Clause in the insurance policy that stipulates the exact time the policy coverage begins and terminates. ...
Have a question or comment?
We're here to help.