Overhead Expense Disability Income Policy
Type of disability income policy used to provide funds for the ongoing monthly business expenses (such as employee salaries, utility charges, rent, and equipment payment due) necessary to maintain continuing operations in the event an owner/key person becomes disabled. Generally, there is a 60-day elimination period after which monthly income payments commence until a stipulated aggregate limit has been reached.
Popular Insurance Terms
Coverage in the event of damage or destruction resulting from collision by a vessel or high waves. Excluded are fire, lightning, windstorm, earthquake, and explosion, since these perils are ...
Executive of Travelers Insurance Company who developed the domino theory of accident causation by studying over 75,000 industrial accidents and concluding that most accidents would be ...
Annuity payments that continue for the life of the annuitant. ...
Person who engages an agent or broker for advice and possible purchase of insurance. ...
When we are young, we usually don’t take our retirement seriously and don’t even know the definition of an Individual Retirement Account (IRA). We become more preoccupied with ...
Coverage that is renewable at the option of the insured, who is not required to take a medical examination. Regardless of physical condition, the insured must be allowed to renew the policy ...
Endorsement to the special multiperil insurance (smp) policy that provides all risks damage coverage for real property. This special form provides only minimum cover, leaving the option for ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
Estimate of the funds necessary to maintain the life-style of a family after the death of the wage earner. ...
Have a question or comment?
We're here to help.