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
Coverage for golf clubs and golf equipment on an all risks basis subject to exclusions of wear and tear, war, and nuclear disaster. Location of coverage is a clubhouse locker or any other ...
Insurance company's total investments in financial securities. ...
Group of insurers or re insurers involved in joint underwriting. Members typically take predetermined shares of premiums, losses, expenses, and profits. Syndicates, more common in ...
Plan in which funds are currently allocated to purchase retirement benefits. An employee is thus assured of receiving retirement payments, even if the employer is no longer in business at ...
Coverage that goes into effect when an individual's claim reaches a specific threshold selected by the employer who has self-insurance. After this threshold is reached, the policy pays ...
Academic publication of the American risk and insurance association in which articles deal with aspects of risk, insurance, and allied fields of study. ...
Costs incurred by an insurance company other than agent commissions and taxes; that is, mainly the administrative expense of running a company. ...
Terms specifying obligations of an insured to keep a policy in force. For example, an insured must pay the premiums due; in life insurance, if death occurs, the beneficiary or the insured's ...
Individuals or organizations covered by property and liability insurance other than the named insured. For example, under the personal automobile policy (pap), other insureds under Coverage ...
Have a question or comment?
We're here to help.