Residual Disability Income Insurance
Definition of "Residual disability income insurance"
Coverage for an individual with a residual disability. Benefits are usually payable for the unused portion of the total disability benefit period up to age 65. If an individual is at least age 55 at the time of disablement, and total disability lasts less than a year, residual benefits are payable for the unused portion of the benefit period for up to 18 months, but not beyond age 65. If there is at least a 25% loss in current earnings, the residual benefits will equal the percentage of loss times the monthly benefit for total disability.
Popular Insurance Terms
Assets that are not readily convertible into cash 'without a significant loss of principle, such as an automobile, a house, television set, a radio, etc. ...
number of people born as a percentage of the total population in any given period of time. ...
Insurance company's total investments in financial securities. ...
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Retirement plan under which benefits are fixed in advance by formula, and contributions vary. The defined benefit plan can be expressed in either of two ways: Fixed Dollars: Unit benefit ...
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Insurance arrangement in which all employees of a given business firm are accepted into a plan regardless of their physical condition. The employee cannot be required to take a physical ...
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