Total Disability Benefit
Definition of "Total disability benefit"
Monthly income payment from a disability income insurance policy made to the insured wage earner when income has been interrupted or terminated because of illness, sickness, or accident provided the following stipulations by the wage earner have been met: total disability for the duration that the policy is in force and beyond the elimination period; and while remaining totally disabled, income payment made at the end of each month until the limits on the maximum amount of benefit are reached, at which time payments will cease.
Popular Insurance Terms
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Model state law of the NAIC that stipulates that the purchaser (debtor) of a credit life insurance (creditor life insurance) policy must be provided a descriptive policy; the policy must ...
Section of a life insurance policy setting the procedure for revoking a current beneficiary and designating a successor beneficiary. Insurers require written notice of a beneficiary change, ...
Method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the claim above that limit up to a specific ...
Forgery insurance covering securities issues such as stocks and bonds. They protect the issuer of securities against forgery of the securities. ...
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Retirement income benefit of a survivor (or survivors) of an insured individual, according to a particular formula. For example, if a retired male worker dies, all or a portion of his ...
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