Reimbursement Disability Income Policy
Policy used to provide the funds for buy and sell agreements under which an income payment or a series of income payments is paid to the buyer of the disabled partner's interest contained in a partnership life and health insurance plan or disabled stockholder's interest contained in a close corporation plan to reimburse that buyer for the sum paid. If this sum to be paid the buyer by the insurance company exceeds the actual market value of the business at the time of the sale, that sum is reduced to the actual market value.
Popular Insurance Terms
Coverage when business records are destroyed by an insured peril and the business cannot collect money owed. The policy covers these uncollectible sums plus the expense of record ...
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Time, in health insurance, from the first day of a disability, illness, or accident during which no benefits are payable. The longer the probationary period, the lower the premium. ...
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