Total Disability Benefit
Definition of "Total disability benefit"
Monthly income payment from a disability income insurance policy made to the insured wage earner when income has been interrupted or terminated because of illness, sickness, or accident provided the following stipulations by the wage earner have been met: total disability for the duration that the policy is in force and beyond the elimination period; and while remaining totally disabled, income payment made at the end of each month until the limits on the maximum amount of benefit are reached, at which time payments will cease.
Popular Insurance Terms
Presence of other contract (s) covering the same conditions. When more than one policy covers the exposure, each policy will pay an equal share of the loss. ...
Process of forming a large group of homogeneous lives that in order to allow the law of large numbers to operate, thereby projecting a probable rate of mortality or morbidity whose ...
Feature in a life insurance policy allowing a policyowner to freely assign (give, sell) a policy to another or institution. For example, in order to secure a loan, a bank asks to be ...
Employee's full entitlement, with no waiting period, to benefits under a pension or retirement plan. In the case of a contributory plan, there is immediate vesting of the employee's own ...
Assurance by the agent that the recommended insurance plan for the client is suitable for that client's specific needs. This assurance is derived from a careful analysis by the agent of the ...
Average earned monthly income (AEMI) for the tax year in which the insured wage earner has income interrupted or terminated because of illness, sickness, or accident. This AEMI is important ...
Type of term life insurance policy that has a face amount that increases to a predetermined sum and then decreases to zero at the termination point of the policy, while at the same time ...
Insurance coverage for pitfalls associated with travel. The coverage can be classified as follows: Trip Cancellation the travelers) must cancel the trip because of unforeseen circumstances ...
Employee of the insurance company who has the authority to appoint brokers on behalf of the insurance company. This supervisor has the objective and responsibility to sell the insurance ...
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