Nonoccupational Disability
Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require employers to pay income (not medical expense) benefits if a worker is disabled by illness or injury that did not occur at work: Rhode Island, California, New Jersey, New York, and Hawaii. Except for Rhode Island, employers may buy private coverage; in Rhode Island, they must get coverage from a state fund. Hawaii is the only state without an optional state fund.
Popular Insurance Terms
Feature of life and health insurance policies that stipulates that the policy represents the whole agreement between the insurance company and the insured, and that there are no other ...
Model state regulation that governs method of selling life insurance to prevent fraud or misrepresentation by agents or insurers. A life insurance disclosure model regulation to help buyers ...
Request for life insurance coverage by an individual, not through an agent or broker. It is given extra scrutiny by an insurance company because of the possibility of self-selection, which ...
Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
Percentage return appropriated by the insurer for an immediate variable annuity when the insurer calculates the initial income payment to the annuitant. If the variable annuity's underlying ...
Method of transferring pure risks that is perhaps the seed of the modern day insurance policy. Ancient Greece held to the concept that a loan on a ship was canceled if the ship failed to ...
Means used by a direct fire underwriter to protect against accumulation for a fire account, as well as against extremely large fire account liability. For example, heavy liabilities under ...
Insurance company's investment in mortgages that have defaulted (mortgages in default) divided by its adjusted surplus account. The smaller this ratio, the more financially sound the ...
Modest amounts of coverage sold on a debit basis. The face amount is usually less than $1000. ...
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