Money market checking account for the beneficiary that is set up by the insurance company into which the life insurance policy’s death benefits are deposited.

State legislation that taxes out-of-state insurance companies that do business in the state with the same tax rate as their home state.

Dollar amount of the premium to cover expenses (not claims) and to allow the insurance company to make a profit for a group insurance contract.

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.