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
Amount of insurance that the insured must carry in order to be indemnified for the total dollar amount of the actual loss. If this requirement is met by the insured, the coinsurance penalty ...
Dollar ceiling on a life insurance policy for applicants who are not given a medical examination. The insurer accepts a health questionnaire in the place of a physical examination. At one ...
Endorsement to a property liability policy whereby an insurer gives up the right to take action against a third party for a loss suffered by an insured. Typically, under terms of the ...
Denial of coverage for various perils (such as war, flood); hazards (storing dynamite in the home, thereby increasing the chance of loss); property (such as pets); and locations. These are ...
Cost involved in an insurance company's adjustment of losses under a policy. ...
Form that provides coverage for a business whose inventory has fluctuating values during the year. The amount of insurance coverage is adjusted monthly, quarterly, or annually to reflect ...
Transaction by a tax-exempt organization with a person from inside the organization (disqualified person) that provides an economic benefit to that person that is in excess of the value of ...
Policy in which an insurer agrees to pay property or liability losses (generally 80-100%) in excess of a specific amount paid on all losses during a policy year. ...
Rejection by an insurance company of an application for a policy. ...
Have a question or comment?
We're here to help.