Wage Index
Table used, among other purposes, to determine monthly Social Security benefit for a retired or disabled worker and his or her dependents. The average monthly wage (AMW) of the worker is computed, disregarding certain periods of low earnings. The AMW is used to determine the primary insurance amount (PIA). Then, benefits are figured from the table depending on how old the worker is upon retirement, whether there are dependents or survivors, and when they will retire.
Popular Insurance Terms
Same as term Graduated Life Table: mortality table that reflects irregularities from age to age due to chance fluctuations in the sequence of the rates of mortality. The rates of death as ...
Forgery insurance covering securities issues such as stocks and bonds. They protect the issuer of securities against forgery of the securities. ...
Coverage that goes into effect when an individual's claim reaches a specific threshold selected by the employer who has self-insurance. After this threshold is reached, the policy pays ...
Policy provision designed to restore an insured to his or her original financial position after a loss. The insured should neither profit nor be put at a monetary disadvantage by incurring ...
Maximum sum of money that the insurance company will pay, during the time interval that the product liability insurance coverage is in effect, for all product liability-related claims ...
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Addition to reserves of a life insurance company required by various states because the valuation premium is greater than the GROSS PREMIUM. Without a deficiency reserve, the normal reserve ...
Person for whom the trust was created and who receives the benefits thereof. In many instances a trust is established to prevent the careless exhaustion of an estate. For example, the ...
Coverage in the event of threats to injure an insured or damage or destroy his property. ...
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