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
Same as term Fair access to Insurance Requirements: insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances ...
Degree of underwriting profit that an insurance company's book of business shows. ...
Approach used for sole proprietorships, partnerships, and close corporations in which the business interests of a deceased or disabled proprietor, partner, or shareholder are sold according ...
Statement prepared by an inspection bureau for a life or health insurance company that summarizes information about an applicant for a policy, including financial standing, morals, physical ...
Trust in which rights to make any changes therein are retained by the grantor. At the grantor's death all rights become irrevocable. This type of trust has several advantages: it can avoid ...
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Coverage for the perils of burglary, theft, and robbery. ...
Several different types of perils covered under one policy. ...
Form of state rating legislation that allows each property/liability insurer to choose between using rates set by a bureau or its own rates. Individual states regulate insurers and approve ...
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