|
Living Benefits
Basic insurance benefits (full or partial) paid to you while you are still living, rather than paid to a beneficiary when you die. You must be terminally ill, with a life expectancy of 9 months or less, to qualify for a living benefit.
Basic Insurance
The coverage, based on your annual rate of basic pay, which you automatically have as an eligible employee unless you waive it.
Market Rate of Interest
The percentage of interest paid on certain FERS deposits and refunds. Based on the average interest earned by the Civil Service Retirement and Disability Fund in the previous year. In 1998, the interest rate is 6.75%.
Accidental Dismemberment
Bodily injuries sustained solely through violent, external and accidental means, and as a direct result of the bodily injuries, independently of all other causes, and within 90 days afterwards, you lose your limb or eyesight.
Conversion
The exchange of group insurance for insurance under an individual policy purchased from a private insurance company approved by the Office of Personnel Management.
Duly Appointed Representative of the Insured's Estate
An individual named in a court order granting the individual the authority to receive, or the right to possess, your property. The order must be issued by a court having jurisdiction over your estate.
Annuity
Retirement benefit paid on a monthly basis
Defined Benefit Pension Plan
A pension plan that promises participants a specified monthly benefit at retirement.
Option B
Coverage, equal to up to 5 multiples of your annual basic rate of pay, that you can elect in addition to Basic insurance. Also called additional optional insurance.
Age Multiplication Factor
A factor used to determine the extra amount of Basic insurance payable at the time of your death, if you die before age 45 (also referred to as the "extra benefit").
|
Did You Know?