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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| elimination period | show 🗑
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| what is the purpose of an elimination period? | show 🗑
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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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| Benefit period | show 🗑
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| show | short elimination periods, long or forever lasting benefits periods
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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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| show | is a provision in the policy that qualifies the insured for full disability benefits under specific conditions regardless of if they can work or not.
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| what are the conditions for presumptive disability benefits? | show 🗑
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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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| show | they do so by adjusting the payable amount based on any money recived from social security or workers compensation. As to encourage them to return to work as soon as they are cabable of doing so
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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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| What are the situations as to provide eligibility for social security riders or SIS? | show 🗑
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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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| Business overhead expense policy (BOE) | show 🗑
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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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| group VS. individual disability income policy based on benefits | show 🗑
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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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| groupl disability income policy based on long term | show 🗑
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| the three other conditions only applicable to group plans are. | show 🗑
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| recurrent disability | show 🗑
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Created by:
Hthabet