Largest amount of insurance that an insurance company will write at its risk on an individual without ceding part of the risk to a reinsurer.

Fund established by an employer to provide a retired employee with life insurance. The employer’s premium payments are tax deductible. If the employee ends service before retirement, funds remain in the employee’s account and are used to fund benefits of the remaining employees.

Individual who has retired and is no longer at work or in a business.

Spouse and dependents of a retired member or veteran of the U.S. government military services (e.g., Army, Navy, Air Force, Marines, Coast Guard). This phrase is used more frequently in the TRICARE and CHAMPVA health care programs.

Age when an employee ceases work; age when pension benefits begin to be paid. The Age Discrimination in Employment Act states that minimum mandatory retirement is 70 years of age.

Date an elderly patient or the patient’s spouse retired from active employment. For Medicare patients, this date is important when ascertaining the primary and secondary insurance coverage.

Premium rate that the insurance company and the insured agree at the beginning of the pay period, but it is paid at the end of the period only if the group’s claim experience justifies it. The insurance company obtains a lower base premium at the beginning of the period and charges a retro premium retroactively at the end of the period.

Made effective to an earlier date.

Insurance benefit paid from the date of disability after the insurance policy’s stated elimination period.

Qualified for the Medicaid program, which may begin as early as the first day of the third month before the month of application provided all appropriate factors are met in those months.