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
Single policy under which one individual is insured. ...
Disability in which a wage earner is forever prevented from working at full physical capability because of injury or illness. ...
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Record of insurance policies sold to an individual. ...
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Length of employment as measured to determine eligibility, vesting, and benefit levels for employee participants in tax qualified pension plans. There is often a requirement that years of ...
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