Partial Disability Benefit
Definition of "Partial disability benefit"
An amount usually expressed as 50% of the monthly indemnity for the total disability benefit provided by a disability income insurance policy. This amount becomes payable when the insured wage earner's income has been interrupted or terminated because of illness, sickness, or accident. Payments continue up to the time and amount limitations as stipulated in the policy. This type of benefit has been replaced, in large part, by the residual disability income insurance policy.
Popular Insurance Terms
Section of the Internal Revenue Code that provides for the taking of the proceeds from one life insurance policy or annuity and the reinvesting of these proceeds immediately in another life ...
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Interest rate credited on three-month United States Treasury bills. ...
Common element in property insurance that excludes electrical damage or destruction of an appliance unless the damage is caused by a resultant fire. ...
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worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
First historical mortality table used for the calculation of premium rates for group annuities. This table was subsequently replaced by the group annuity table, 1971. ...
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