Group Disability Insurance
Definition of "Group disability insurance"
Coverage of an employee group whose members receive a monthly disability income benefit, subject to a maximum amount, if illness or accident prevents a member from performing the normal functions of his or her job. Benefits are usually limited to a stated length of time, and the maximum monthly income benefit is usually no more than 50-60% of earnings prior to the disability, or a flat dollar amount, whichever is less.
Popular Insurance Terms
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Arrangement by an employer in which employees share in profits of the business. To be a qualified plan, a predetermined formula must be used to determine contributions to the plan and ...
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