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
The regulation that, prior to its repeal, limited the amount of interest a time deposit at a bank could pay. ...
Obligations of shipowners for water polluted by spills from their ships. If a ship discharges oil or other polluting or hazardous substances into the water, the shipowner is responsible ...
Package coverage for a dwelling and its contents, barns, stables, and other land structures as well as liability coverage. By means of a number of special forms that follow the format of ...
Type of universal variable life insurance policy that provides guideline premiums to be paid usually by the policy owner. Charges on a monthly basis usually include the cost of insurance, ...
Premium charged for an insurance policy whose coverage does not vary according to the insured loss experience. The premium is calculated either on a specified rating basis or on a ...
Layman description of the key features and benefits of a pension plan that must be filed with the Department of Labor. Periodic updates of this summary must also be provided to the ...
Period of time of insurance coverage. If a loss occurs during this time, insurance benefits are paid. If a loss occurs after this time period has expired, no insurance benefits are paid. ...
Model law endorsed by the national association of insurance commissioners (naic) giving state regulators broad new powers to deal with financially troubled insurance companies. The act was ...
Bond that reimburses a business for loss caused by the dishonest act of an employee. Since crime insurance policies exclude coverage of dishonest acts of employees, it is necessary to have ...
Have a question or comment?
We're here to help.