OLD-AGE AND SURVIVORS’ INSURANCE

Old-Age and Survivors’ Insurance.A system of insurance, subsidized by the federal government, that provides retirement benefits for persons who reach retirement age and payments to survivors upon the death of the insured. • This was the original name for the retirement and death benefits established by the Social Security Act of 1935. As the scope of these benefits expanded, the name changed to Old Age, Survivors, and Disability Insurance (OASDI), and then to Old Age, Survivors, Disability, and Health Insurance (OASDHI). Today, the system is most often referred to as social security. — Abbr. OASI. See SOCIAL SECURITY ACT. [Cases: Social Security and Public Welfare 121–140.3. C.J.S. Social Security and Public Welfare §§ 4–5, 18–32, 34–49, 58, 60.]

[Blacks Law 8th]