Disability Benefit
Definition of "Disability benefit"
Income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's income prior to the disability, but there may be a limit on the amount and duration of benefits. The most advantageous policy pays a monthly disability income benefit for as long as the insured is unable to perform suitable job functions determined by experience, education, and training.
Popular Insurance Terms
Grouping of applicants for life insurance according to expected mortality, so as to produce an underwriting classification in which the spread between health of the worst and best applicant ...
Flat amount added to the basic premium rate to reflect the cost of issuing a policy, establishing the required records, sending premium notices, and other related expenses. ...
Same as term Civil damages Awarded: sums payable to the winning plaintiff by the losing defendant in a court of law; can take any or all of these forms: general, punitive, and special. ...
Insurance policy renewable at the option of the insured for a specified number of years or to a stated age. The insurance company cannot refuse to renew the policy and cannot change any of ...
Statistical projection of future illness, sickness, and disease. ...
Accident policy that covers a traveler for a single trip on an airplane or other common carrier. The name comes from its origin as part of the ticket or ticket stub, but these policies are ...
Certain fixed payment made in addition to the regularly scheduled premium. ...
Insurance company's investments in assets other than in companies it controls and/or companies with which it shares common ownership, stocks, and bonds. ...
Insurance coverage that protects the exporter (even though the exporter may be in total compliance with the terms and conditions of the contract) in the event a foreign government calls the ...
Have a question or comment?
We're here to help.