Loss Of Income Insurance
Definition of "Loss of income insurance"
Coverage in property insurance for an employee's lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. For example, a fire destroys a manufacturing plant, and as a result employees are placed on indefinite leave without pay. This coverage would then go into effect. In health insurance, loss of income benefits are paid when an insured becomes disabled and cannot work.
Popular Insurance Terms
LIFE INSURANCE: specification by each state regarding the minimum assumptions that must be used in reserve calculations as theypertain to the maximum interest rate that can be assumed; ...
Situation in which parties agree to take part in a structured settlement negotiation through the guidance of a neutral expert. By participating in this process, the parties do not agree ...
Same as term Final insurance: premiums paid out of funds borrowed from the cash value of a life insurance policy. ...
Same as term Coinsurance: ...
Statement in which a life insurance applicant is charged a higher-than-standard premium to reflect a unique impairment, occupation, or hobby, such as a history of heart disease or a circus ...
Evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to ...
Termination of coverage in insurance. ...
Model state law that stipulates minimum benefits that must be contained in the policy provisions, restrictions on policy illustrations, minimum reserve requirements, and minimum ...
Falsification of birth date by an applicant for a life or health insurance policy. If the company discovers that the wrong age was given, the coverage will be adjusted to reflect the ...
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