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
Model state law of the NAIC that stipulates that the contract owner must receive annual reports concerning the annuity unit values, the manner in which the variable benefits are calculated, ...
Payments awarded by a court in a liability suit. Money damages can be broken down into compensatory and punitive. Compensatory damages reimburse a plaintiff for expenses incurred for such ...
Important means of preventing accidents and injuries. Insurers take corporate safety programs into account when rating workers compensation and other business insurance policies. ...
Means of setting life insurance reserves based on expected mortality rates as reflected in a mortality table. ...
coverage issued to a creditor on the life of a debtor so that if the debtor becomes disabled, the insurance policy pays the balance of the debt to the creditor. ...
Loss of income resulting from the damage or destruction of a person's property or a business's property. For example, if a store is damaged by fire and is unable to sell its inventory to ...
Specific time at which the insurance policy coverage begins and ends. ...
Entity that offers a managed care plan for workers compensation benefits that joins a provider network with the following parts: case management personnel, medical bill review personnel, ...
Inland marine policy to cover liability for goods that belong to clients while in a mover's possession. ...
Have a question or comment?
We're here to help.