Primary Insurance Amount (pia)
Monthly benefit payable to retired or disabled worker under Social Security. It is calculated by using the average monthly earnings of the covered person while working. Under this formula, lower-income workers receive a greater percent of the income they had earned while employed than do more highly paid workers. Benefits for spouse, other dependents, and survivors are figured as a percentage of the PIA. A worker who takes early retirement may receive a portion of the PIA at age 62. The PIA is used to calculate most other benefits.
Popular Insurance Terms
The term pro rata comes from Latin and translates to in proportion, proportionally, the proportion of, proportionately determined, or according to a specific rate. It is often used in legal ...
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Arrangement whereby the insured pays the insurance company a relatively small monthly premium payment. In exchange for this premium payment, the insurance company processes and pays claims ...
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