Limitations On Amount Of Monthly Benefits
Definition of "Limitations on amount of monthly benefits"
Clause in some disability income insurance policies under which there is a maximum an insured can receive from all sources of disability income benefits. For example, the clause may stipulate that all sources of disability income cannot exceed 50% of the insured's gross earnings prior to the disability.
Popular Insurance Terms
One of two basic types of funding instruments for pensions or employee benefits, in which responsibility for plan assets is vested in a trustee. The other type is known as an insured plan, ...
Additional amount of surplus from an additional amount of capital necessary to act as a supplement to the cash flow in the event unforeseen contingencies occur that disrupt or impair the ...
Contract by which one party agrees to make good the default or debt of another. Actually, three parties are involved: the principal, who has primary responsibility to perform the obligation ...
Common misunderstanding about insurance. In gambling a risk is created that did not exist prior to placing a bet. Under insurance, a risk exists whether or not an insurance policy is ...
Direct relationship between the use to which a building is put and the likelihood that it will catch on fire. Occupancy is one of the most important factors in setting fire insurance rates. ...
Coverage that indemnifies a third party lender if a customer refuses to repay a loan made on a faulty product and the dealer who arranged the loan refuses to correct the fault. This ...
Synopsis of the key financial figures concerning the pension plan that is contained in the form 5500 that must be filed annually with the Internal Revenue Service. This report must be given ...
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
Rate applied to risks with similar characteristics or to a specified class of risk. ...
Have a question or comment?
We're here to help.