One who makes an offer. The retirement and death benefits under U.S. Social Security. In Canada, the equivalent to U.S. Social Security. Provides a monthly pension for all persons over age 65 who meet residency requirements. It is financed out of federal general tax revenues, with no contributions from individuals.
Benefits reportable for income tax purposes.
In health insurance, medical care policy issued to persons 65 years of age or over to supplement government-sponsored programs such as Medicare. A term without precise meaning, but generally applied to nonfraternal insurance companies operating on a legal reserve basis. A legal reserve fraternal is not usually called old line unless it gives up its lodge system and moves under the regular insurance code of the state rather than the special section for fraternals. Refers to legal reserve companies selling commercial life insurance, as opposed to fraternal insurance. Legal reserve insurance companies writing insurance with standard premiums, as opposed to assessment insurance available through fraternal benefit societies.