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
Estimate of the funds necessary to maintain the life-style of a family after the death of the wage earner. ...
Additional amount of accidental death and dismemberment insurance not provided by the employee benefit plan (standard group life plan) that may be chosen by the employee. Generally, the ...
Average earned monthly income (AEMI) for the tax year in which the insured wage earner has income interrupted or terminated because of illness, sickness, or accident. This AEMI is important ...
Physical handing of an insurance policy to the insured. Sales training emphasizes the importance of delivery of a policy by the agent. This develops a caring attitude on the part of the ...
Mechanism for providing coverage when the insured's underinsured motorist coverage limit is more than the tort feasor's limit of liability. ...
Same as term Accidental Death and Dismemberment Insurance: form of accident insurance that indemnifies or pays a stated benefit to insured or his/her beneficiary in the event of bodily ...
Rules by state insurance regulators for valuing admitted assets on the books of insurance companies. Part of the state supervision and regulation of insurers is the determination of which ...
Voluntary state insurance programs that aid small businesses in acquiring insurance coverages when there are impediments to obtaining the coverage. ...
Performance of a deed or function. Certain acts are prohibited from coverage in insurance. For example, if the insured commits a felony, the insured's beneficiary cannot collect under the ...
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