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Disability Income

TN Accident & Health (Disability Income)

Disability Income Insurance Provides periodic income payments if the insured becomes disabled during the period of the policy's coverage. (No DI policy will be more than the insured's earnings.)
Non-Occupational Disabilities Disabilities that happen outside of work.
Occupational Disabilities Disabilities that happen at work. (workers comp)
Flat Amount Approach More common with Individual Policies
Percent-Of-Earnings Approach More common with Group Policies
Own Occupation & Any Occupation Two basic definitions of total disability
Own Occupation Policy benefits are payable if the insured cannot perform the duties of his or her OWN occupation due to injury or sickness. (PROFESSIONAL & WHITE-COLLAR EMPLOYEES)
Any Occupation Requires that the insured be unable to engage in ANY occupation for pay or profit for which he or she is reasonably suited through education, training, or experience. (BLUE-COLLAR WORKERS)
Presumptive Total Disability The insured automatically qualifies for the policy's full benefit if he or she suffers a specified loss that, by definition, is deemed TOTAL and PERMANENTLY disabling.
Total & Permanent Disabilities (Examples) 1. Quadriplegia & Paraplegia 2. Loss of Eyesight 3. Loss of Speech 4. Loss of any 2 limbs
Partial Disability (Recovery Benefit) Continues benefit payments at a "REDUCED" level, to insureds that have been on total disability and are returning to work on a "PARTIAL DISABILITY" benefit.
Credit Disability Insurance Covers the risk of the CREDITOR becoming disabled and unable to pay off a LOAN. The policy is written so that its benefit period is the same as the loan period.
Recurrent Disability Provision After returning to work from total disability, if the insured has a related disability RELAPSE before they have been at work 6 months.
Rehabilitation Provision (Return-To-Work-Provision) The insurers pay for OCCUPATIONAL THERAPY, training, or modifications to the insured's workplace to assist him or her in RETURNING TO WORK.
Rider An ATTACHMENT to an insurance contract that ALTERS its terms in some way.
Cost-Of-Living Adjustment (COLA) Rider ADJUSTS the benefit payments according to changes in the consumer price index. (i.e. COST OF LIVING and INFLATION)
Social Insurance Supplement Rider Provides an additional monthly benefit before "SOCIAL INSURANCE" program benefits begin. (i.e. Social Security & Workers Comp)
Future Increase Option Rider (Guaranteed Insurability Rider) Allows the insured to buy extra coverage under the policy without proving evidence of insurability. (It appeals to those who expect their earnings will INCREASE.)
Return of Premium (Refund) Rider Enables the insured to "GET BACK" part of their premium payment if they have no DI claims against the policy. Also if the insured's claims are below a certain level, they can "GET BACK" part of the of the premium.
Group Disability Income Insurance Under a "GROUP" policy, the "GROUP" is underwritten as a WHOLE. The sponsor is the policy owner. The individual employees or "GROUP MEMBERS" are the insureds. Common thru JOBS. Not portable.
Short Term Disability Group plans with maximum benefit periods of LESS than 2 years is...
Long Term Disability Maximum benefit periods of 2 years or MORE is...
Business Overhead Insurance Provides funds to pay OPERATING EXPENSES (keep things running) of a "BUSINESS" when the insured owner is totally disabled.
Key Employee Disability Insurance Pays a monthly benefit to a business to cover additional help and pay a "KEY" person while disabled. (The business is the policy owner and if the insured becomes disabled, the benefits are paid to the business.)
Business Disability Buy-Out Policy Provides the funds necessary to "BUY OUT" the owner's interest in the business.
Residual Disability Pays the insured for loss of earnings AFTER returning to work if the insured is unable to earn as much as BEFORE the total disability.
Temporary Disability Refers to a disability where the insured is expected to RECOVER.
Permanent Disability Would cause the insured to be unable to work for the REST OF THEIR LIFE.
Total Disability Inability to perform ANY of the duties of your occupation you are qualified to perform by education or training.
Disability Reducing Term Insurance Cover any outstanding loans the business might have if and when the business owner becomes disabled.
Social Security Formerly known as OASDI (Old Age, Survivors, and Disability Income) provides benefits for retirement, death, and disability to eligible people and their families.
Fully Insured Coverage for Social Security disability benefits requires that a worker be....
40 Credits/10 years of work For most people, Social Security fully insured status requires... (Does not have to be consecutive)
Partial Disability Social Security does not pay benefits for...
5 Months How long must a totally disabled worker wait before Social Security benefits become payable?
MONTHLY How often are disability and retirement benefits paid?
Created by: Tiphanie_Dyme
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