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
Section of the Internal Revenue Code that provides for the taking of the proceeds from one life insurance policy or annuity and the reinvesting of these proceeds immediately in another life ...
Property to be insured, or that is insured, which is located within the specific geographical region falling under the auspices of the fire department. ...
Interest rate credited on three-month United States Treasury bills. ...
Common element in property insurance that excludes electrical damage or destruction of an appliance unless the damage is caused by a resultant fire. ...
Life insurance policy option under which the dividends that have accrued may be applied to mature the policy as endowment insurance. ...
Same as term: engineering approach; human approach ...
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worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
First historical mortality table used for the calculation of premium rates for group annuities. This table was subsequently replaced by the group annuity table, 1971. ...
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