Disability income
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| show | is the lost income if a person becomes disabled. you can get it indvidually or thru an employer.
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| show | is a waiting time before the insurance starts paying benefits after a disability. the longer the waiting period meaning number of days after injury the lower the premium.
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| show | to elimanate claims of short term injury or illness that keeps you out of work.
The elimination period is a "time" deductible, designed to eliminate coverage for short-term disabilities, and reduce the filing of excessive claims.
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| you will NOT recive diability benefits if.. | show 🗑
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| show | separate from elimination period it is the waiting time of 10-30 days from policy issue date and benefits wont be paid for only illness related disability.
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| show | it only applies to sickness not accidents or injury
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| what is the purpose of a probationary period? | show 🗑
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| show | is the length of time for the disability benefits payments to last for each disability after the elimination period. policies offer benefit periods of 1, 2, 5 year, ot the age of 65 or for a life time. the longer the benefit period the higher the premium.
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| when it comes to Disability income insurance policy what can result in a high premium? | show 🗑
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| what are the two types of injury definition in insurance? | show 🗑
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| show | A policy that uses accidental bodily injury definition will provide broarder coverage
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| show | aka illness is either sickness or disease contracted after the policy has been in force at least for 30 days or after the policy is in place
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| presumptive disability | show 🗑
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| show | dismemberment of one or mroe limbs, total permanent blindness, or loss of speech or hearing. some may require severance of limbs rather than loss of use.
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| show | is the amount of monthly benefits that is payable under the policy based on the percentage of the insured past earnings. basically they limit benefits based on average income before the disability
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| show | they do not reimburse indivdual for 100% or more of lose income because the insured will no longer have an incentive to return to work after diability.
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| How do companies make sure people are not making profit or taking advantage of disability income insurance? | show 🗑
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| show | AK Social Security rideres is a supplement, add on or benefits payable to replace socail security disability or workers compensation programs or fill in any gaps or enhance financial assistance, security and overall coverage
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| show | this feature comes into place when:
1. the insured is eligible for Social Security but benefits haven't started yet,
2. if the insured is denied Social Security coverage,
3. or when the Social Security amount is less than what the rider offers.
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| What are instances where disability income policy generally does not cover losses? | show 🗑
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| What are the three types of disability income policies used for business? | show 🗑
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| show | if a small business owner becomes disable this helps cover costs of rent utilities and salaries but not owner income waiting period of 15-30days pays benefits for 1-2yrs premium is tax free benefits are taxable
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| show | the buy sell agreement legally binding agreement as to how the business will pass between parites in the event that the owner dies or is disabled. has cash to fund the buyout, long elimination periods 1-2yr premium are taable and benefits are tax free.
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| Key employee policy | show 🗑
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| show | group benefits is based on a % of workers income, individual benefits is based on a flat amount,
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| show | group plans provide max benefits period of 13-52 weeks (26 most common) and weekly benefits of 50-100% of individuals income
individual plan has max benefit of 6 month- 2 year and is not renwable
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| show | provides max benefirt period of more than 2 years with monthly benefits limited to 60% of individuals income
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| show | 1. minmum participation requirment of mployment for 30-90 days for coverages
2. makes benefits supplements to any benefits received under workers comp
3. may limit coverage to only nonoccupational
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| recurrent disability | show 🗑
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Hthabet