Old Age, Survivors, Disability, And Health Insurance (OASDHI)
Definition of "Old age, survivors, disability, and health insurance (OASDHI)"
Federal social insurance program that provides monthly benefits to qualified retirees, their dependents, their survivors, and, in some cases, disabled workers. OASDHI was created by the Social Security Act of 1935. Federal taxes are withheld from the paychecks of all covered workers, which includes most workers with the exception of public employees and certain union employees. Self-employed persons are also required to pay the tax. Benefits are paid to retired workers after age 65, with a partial benefit for retirees at age 62. Dependents and survivors of qualified workers also qualify for benefits, as do some categories of disabled workers and their dependents.
Popular Insurance Terms
State that increases the probability of a loss. For example, storage of flammable material next to a furnace in one's home increases the hazard with the knowledge of an insured, and is ...
Additional Living Expense Insurance is a type of coverage present on several types of Homeowner’s Insurance that reimburses additional costs caused because of the insured’s ...
Property coverage for a builder of ships until possession passes to the owners. Protects against pre-launch and post-launch perils. Coverage can be purchased on an all risks basis subject ...
Program through which employees purchase individual life insurance and disability income insurance by having the employer reduce their income by the required insurance premium. Since the ...
Practice in which no funds are set aside on a mathematical basis to pay for expected losses. This occurs when a risk manager is not aware of an exposure, when the cost of treating an ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
Measure of the sensitivity of the insurance company's liability for the resultant higher expense rates than charged for in the premium. ...
Temporary insurance contract providing coverage until a permanent policy is issued. In property and casualty insurance, some agents have authority to bind the insurance company to cover ...
Insurance issued to a creditor (lender) to cover the life of a debtor (borrower) for an outstanding loan. If the debtor dies prior to repayment of the debt, the policy will pay off the ...
Have a question or comment?
We're here to help.