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AZ Disability Income

What is the goal of Disability Income Insurance? to provide insurance to the insured if they incur a loss of income due to disability
Three limitations of Disability Income Insurance. must meet insurers definition of "disabled", benefits limited to a percentage of insured's income prior to disability, usually require insured to be under physician care or confined to the house.
Own occupation means what? unable to perform duties associated with insured's occupation, based on education, training, and experience
Any occupation means what? only provides benefits if the insured can not perform duties associated with their occupation in any form or reduced capacity
Name the type of policy that replaces a percentage of income lost due to a qualifying accident or sickness. Income Replacement Policy
Does an income replacement policy require a period of total disability? NO
Is an income replacement policy written with the "any occupation" or "own occupation" definition? Any Occupation
A provision that states which conditions automatically qualify the insure for full disability coverage. Presumptive Disability
Loss of use of 2 limbs, total & permanent blindness, loss of speech, and/or loss of hearing qualifies the insured for which type of disability? Presumptive Disability
Accidental Bodily Injury means what? body is damaged unexpectedly & unintentionally
What is the definition of Accidental Means? cause of the accident is unexpected and unintentional
In insurance terms what is the definition of illness? sickness or disease that occurs at least 30 days after the policy is in force or any time thereafter
How frequently must a Basic Total Disability Plan pay benefits? no less than monthly
If an insured has a long Elimination Period what will that do to their premium? lower premium
If an insured has a longer Benefit Period what will that do to their premium? higher premium
Which definition is more liberal, Own Occupation or Any Occupation? Therefore providing a better benefit for the insured. Own Occupation
Income Benefits are limited to a percentage of one's income at the time of application to prevent what? over insurance
What is the period of time imposed on the insured from the onset of the disability until benefit payments commence? Elimination Period
Occupational Coverage covers the insured while on or off the job. TRUE or FALSE True
Non-Occupational Coverage covers only when on the job. TRUE or FALSE False
When an insured returns to work but is unable to perform at the same level prior to disability? Residual Disability
What pays the difference between prior income and current income? Residual Disability
Partial Disability is what? insured is unable to perform one or more duties of one's own profession
COLA stands for what? Cost of Living Adjustment Rider
What is the purpose of COLA? protects insured's benefit payments against inflation
At what percent will COLA usually go up 5%
What expenses will a Medical Reimbursement Benefit Rider pay? medical expenses when not totally disabled
A Return of Premium Rider does what? provides a refund of a percentage of premiums at certain times (insurer may offer to refund 80% of the excess of premiums paid over claims)
Probationary Period is another type of waiting period. What happens with benefits during this time? waiting period from the policy issue date during which benefits will not be paid for illness-related disabilities
Which period of time, Probationary or Elimination, only applies to sickness? probationary
What is the purpose of the Probationary Period? to prevent adverse selection against the insurer
When would a Cash Surrender Value be available to a policy owner? at the end of the contract
4 types of coverage under Worker's Comp medical benefits, income benefits, death benefits, rehabilitation benefits
SIS stands for what? Social Insurance Supplement
An Additional Monthly Benefit is provided for how long? one year
Which amount is paid for death or major disabilities (loss of 2 limbs, sight in both eyes, speech or hearing) Principal Sum
Capital Sum is what? percentage paid for partial disability
This benefit covers a % of costs associated with retraining to return to work? Rehabilitation Benefit
Who is covered in a Key Employee Disability an important person in the company, helps with hiring new replacement and lost income
What in the benefit amount based on in a group disability plan? % of worker's income
With a Guaranteed Insurability Rider an insured can increase the benefit levels without doing what? showing proof of insurability
With a hazardous occupation the insured will typically pay a higher what? premium
What is the max benefit period for Short Term Disability Group Plans 6 months to 2 years
With a Group Disability Plan typically employees must have worked for how long before becoming eligible for coverage 30-90 days
Lower wage employees are usually limited to what % of monthly wage in Long Term Disability Plans 66 2/3%
Who owns the contract in a Key Employee Disability Plan? the business
With Social Security Benefits who is considered to be fully insured someone who has earned 40 quarters (10 years)
A person who has earned 6 credits during the 13-quarter period is considered partially or fully insured with Social Security Benefits partially ionsured
How long is the waiting period with Social Security Disability Benefits 5 months
Disability Income policies are valued contracts. The amount of benefit that the insurance company will issue is based upon the applicant's net earned income. This is to prevent what? malingering
How is disability defined under Social Security? inability to engage in any substantially gainful activity by reason of a medically determinable physical or mental impairment that has lasted or is expected to last 12 months or result in an early death
Created by: jgray2015