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
Theory, named after the British economist John Maynard Keynes, that deals with current consumption at the expense of saving. This theory has important implications for life insurance ...
Coverage for malpractice suits resulting from professional acts and/or omissions of morticians. ...
Elimination of unnecessary financing costs and the redirection of those sums to activities that are more profitable. The concept is for the company to have a long-term view of its risk ...
Mandatory age of retirement. ...
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
Automatic reestablishment of an insurance policy's in-force status, usually achieved through payment of the premium due. ...
Commission paid to an agent after the first year commission has been paid to that agent. Renewal commissions generally form a substantial portion of an agent's income after four years in ...
Provision in the Federal Tax Code for favorable treatment of an estate. Under the unlimited marital deduction no federal estate tax is imposed on qualified transfers between a husband and ...
Legally binding unilateral agreement between an insured and an insurance company to indemnify the buyer of a contract under specified circumstances. In exchange for premium payment (s) the ...
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