Disability Income (di)
Definition of "Disability income (di)"
Life insurance payment issued after the insured has been disabled for at least six months. One percent of the face value of the policy is paid the insured as a monthly income benefit and premiums are waived for the duration of the disability. A disability income rider can be attached to an ordinary life insurance policy to provide this disability income benefit at extra charge. The insured can have a wavier of premium benefit without a disability income benefit, but cannot have the disability income benefit without the waiver of premiums benefit.
Popular Insurance Terms
Money set aside in some states to pay otherwise uncompensated bodily injury claims to innocent victims of automobile accidents. The claimants must prove that they were not at fault and that ...
Policies generally available to the various professions that require protection for negligent acts and/or omissions resulting in bodily injury, personal injury, and/or property damage ...
Correction of a contract containing a mistake in order to prevent a party to that contract from gaining from that mistake. For example, if $1,000,000, instead of the correct amount of ...
Type of surety bond that is either a fiduciary or a court bond. Fiduciary Bond guarantees that individuals in a position of trust will safeguard assets belonging to others placed under ...
Specified limit on the dollar amount of coverage for a given loss. ...
Insurance company that does not utilize the rates and policies of a rating bureau. ...
Traditional insurance plan under which the patient can select the physician and hospital of his or her choice. The patient is responsible for paying the co-payment and the deductible and ...
Procedure in employee benefit plans to calculate life insurance and retirement benefits to which an employee is entitled. ...
System of classifying face amount of policies according to size within a given range. The premium rate per $1,000 of face amount varies on a declining basis. As the face amount increases, ...
Have a question or comment?
We're here to help.