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
Use of a life insurance policy dividend by the owner of a participating policy. Here the policy dividend is left with the insurance company to accumulate at a guaranteed minimum interest ...
Same as term Application: written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, ...
Legislation mandating that factors taken into account in the calculation of premium rates for automobile insurance include the insured's driving record, annual miles driven, and years of ...
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Coverage that exceeds the normal insurance capacity of an insurer or reinsurer. ...
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Trust in which rights to make any changes therein are retained by the grantor. At the grantor's death all rights become irrevocable. This type of trust has several advantages: it can avoid ...
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