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Simple English definitions for legal terms
OASI
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A quick definition of OASI:
Term: OASI
Definition: OASI stands for Old-Age and Survivors' Insurance. It is a program that provides financial support to people who are retired or have lost a loved one who was the primary breadwinner. This program helps ensure that these individuals have a basic income to cover their living expenses and maintain their quality of life.
A more thorough explanation:
Definition: OASI is an abbreviation for Old-Age and Survivors' Insurance. It is a program that provides financial assistance to retired individuals and their surviving family members.
Example: John worked for 40 years and paid into the OASI program. When he turned 65, he was eligible to receive monthly payments from the program to support his retirement.
Explanation: The example illustrates how OASI provides financial assistance to retired individuals. John paid into the program during his working years, and now he is able to receive monthly payments to support his retirement. This is an example of how OASI helps individuals who have reached retirement age and are no longer working.