Nonoccupational Disability
Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require employers to pay income (not medical expense) benefits if a worker is disabled by illness or injury that did not occur at work: Rhode Island, California, New Jersey, New York, and Hawaii. Except for Rhode Island, employers may buy private coverage; in Rhode Island, they must get coverage from a state fund. Hawaii is the only state without an optional state fund.
Popular Insurance Terms
Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
Property coverage on a dealer's interest in equipment while it is being installed. Labor and material are protected against such perils as fire, lightning, and windstorm. For example, if an ...
In many health insurance and dental insurance policies, stipulation that, if the estimated cost of a recommended plan of treatment exceeds a specified sum, the insured must submit the plan ...
Act by a company that authorizes an agent to act on its behalf. ...
Situation involving a chance of a loss or no loss, but no chance of gain. For example, either one's home burns or it does not; this risk is insurable. ...
Coverage designed to protect against loss exposures of business firms, as opposed to those of individuals. ...
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Life insurance rate determined by the valuation of company policy reserves. State regulators set strict standards for policy reserves to make certain that life insurers will have enough ...
New rule entitled "Accounting and Reporting for Reinsurance of Short-duration and Long-duration Contracts," which requires the insurance company to report all assets and liabilities ...
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