Survivorship Benefit
Definition of "Survivorship benefit"
Retirement income benefit of a survivor (or survivors) of an insured individual, according to a particular formula. For example, if a retired male worker dies, all or a portion of his monthly pension (perhaps one half or two-thirds) may continue to go to his wife if he has elected the joint and survivor option. Survivors of a person entitled to Social Security benefits may also be entitled to receive a survivorship benefit. For example, a widower may get as much as 100% of his wife's benefits, if claimed at age 65 or over.
Popular Insurance Terms
Inquiry conducted by a committee of the legislature of the State of New York in 1905 that looked at abuses of life insurance companies operating in the state. This study led to stricter ...
Guarantee by a reinsurance company that payment for losses incurred by a third party will be made even though that third party has no contractual arrangement with the reinsurance company. ...
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Cooperative organization among insurers that rates and prepares new policy forms according to guidelines and regulations of the state insurance department. Loss experience, collected ...
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Workers' premiums in a contributory employee benefit plan. ...
Coverage protecting future profits to be earned from a manufacturer's inventory. A manufacturer may lose all or part of an inventory of finished goods due to a peril such as fire and still ...
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