Disability Insurance

Capital Sum (Dismemberment Benefit) is a type of insurance benefit that provides a lump sum payment to the insured or their beneficiaries in the event of a loss of limb or other dismemberment resulting from an accident. The payment amount is usually specified in the insurance policy and is based on the severity of the dismemberment.

Cause of Disability in insurance refers to the specific event or condition that prevents an individual from being able to perform their job or other daily activities, and qualifies them for disability benefits. In insurance policies, a cause of disability may be defined as an injury, illness, or medical condition that meets specific criteria.

Chronic Physical Illness in insurance refers to a long-term medical condition that impairs an individual's ability to perform daily activities, and requires ongoing medical care and treatment. Insurance policies may cover chronic physical illness in different ways, such as through disability insurance, long-term care insurance, or critical illness insurance.

In insurance, cognitive impairment refers to a condition that affects an individual's ability to think, reason, or remember. Cognitive impairment can result from a variety of conditions, such as dementia, Alzheimer's disease, or traumatic brain injury.

Delayed disability in insurance refers to a condition where an individual's disability starts after the waiting period defined in their insurance policy. In other words, the onset of disability occurred during the waiting period, but the person was able to continue working until after that period had ended.

Long-term disability insurance is a type of insurance that provides income replacement for a person who becomes disabled and is unable to work for an extended period.

Disability coverage in insurance can be divided into two types: occupational and non-occupational.

Short-term disability insurance is a type of insurance that provides income replacement benefits for a limited period of time, typically ranging from a few weeks up to a few months.

Disability insurance can be offered as 24-hour coverage or limited (at-work) coverage.

A Disability Accidental Bodily Injury Provision is a clause in a disability insurance policy that provides benefits if the policyholder becomes disabled due to an accidental bodily injury.

A Disability Annual Renewable Term (ART) Rider is an optional add-on to a life insurance policy that provides disability income benefits in the event the policyholder becomes disabled.

A Disability Automatic Increase Provision is an optional add-on to a long-term disability insurance policy that allows the policyholder to automatically increase their coverage each year without providing evidence of insurability.

Disability benefit integration is a provision in disability insurance policies that allows disability benefits to be coordinated or integrated with benefits from other sources, such as Social Security or workers' compensation.

Disability benefit period is a feature of disability insurance that determines how long benefits will be paid to the policyholder in the event of a qualifying disability. The benefit period starts after the waiting period (or elimination period) has been satisfied, and it specifies the length of time that the policyholder will receive benefit payments.

Group disability benefits are insurance policies that provide disability coverage to a group of people, typically employees of a company or members of an organization. These policies are designed to provide income replacement in the event of a disability that prevents the insured person from working and earning an income.

Individual disability insurance is a type of insurance policy that provides income protection in the event that you become unable to work due to an injury or illness. It is designed to help individuals maintain their standard of living by providing a monthly benefit that replaces a portion of their income if they are unable to work due to a covered disability.

Disability Business Overhead Expense (BOE) Insurance is a type of insurance policy designed to help business owners cover their overhead expenses in the event that they become disabled and unable to work. This type of insurance policy is intended to provide financial protection for the business, allowing it to continue operating while the owner is unable to work.

Disability buy-sell insurance is a type of insurance that helps business owners protect their business in case one of the owners becomes disabled. This insurance is designed to provide funding to buy out a disabled owner's share of the business.

A Disability Cost of Living Adjustment (COLA) Rider is an optional addition to a disability insurance policy that provides for an automatic increase in the benefit amount over time to account for inflation. The COLA rider helps ensure that the purchasing power of the disability benefit remains the same over time, despite inflation.

In insurance, the elimination period (also known as waiting period) is the time between the onset of a disability and when the policy's benefits start to be paid out. The purpose of the elimination period is to avoid paying out for temporary disabilities, and to avoid moral hazard where individuals are incentivized to take out insurance only when they anticipate a short-term disability.

A Disability Future Increase Option (FIO) is a rider that can be added to a disability insurance policy. This rider allows the policyholder to increase their disability benefit amount in the future without having to go through the underwriting process again.

A Disability Hospital Confinement Rider is an optional add-on to a disability insurance policy that provides additional benefits to the insured in the event that they are hospitalized due to a covered illness or injury.

Disability Income (DI) Insurance is a type of insurance that provides income replacement benefits to policyholders who become disabled and unable to work due to injury or illness. The policy typically pays a monthly benefit to the policyholder to replace a portion of their lost income while they are disabled and unable to work.

Disability income benefits are a type of insurance that provides financial support to an insured person who becomes disabled and is unable to work.

Disability Key-Person Insurance is a type of insurance policy designed to protect businesses from the financial impact of losing a key employee due to a disability. This policy can provide financial support to the business until the key employee is able to return to work or until a replacement is found.

A Disability Lifetime Extension Rider is an optional add-on to a disability insurance policy that extends the benefit period beyond the standard maximum duration, typically until age 65 or 67. This rider is also known as a "lifetime benefit" or "unlimited benefit" rider.

A Disability Limitation of Benefits is a provision in an insurance policy that limits the length of time or amount of benefits paid for a disability claim. This provision is included to manage the financial risks for the insurer and prevent potential abuse by the insured.

A Non-Disabling Injury (Medical Expense) Rider is an optional addition to a disability insurance policy that provides benefits for medical expenses incurred as a result of a non-disabling injury. This rider is usually offered in conjunction with a long-term disability insurance policy and can help cover medical expenses that may not be covered by a primary health insurance policy.

In insurance, a Notice of Claim is a formal written communication from an insured person or policyholder to an insurance company, informing them that a covered event has occurred and that the policyholder is seeking to make a claim for benefits under their policy. The Notice of Claim is an important first step in the claims process, and triggers the insurer's duty to investigate the claim and make a determination as to whether coverage applies.

In insurance, a probationary period is a waiting period during which no benefits will be paid for a disability claim. During this period, the insurance company will review the policyholder's medical history and other relevant information to determine if the disability is related to a pre-existing condition.

Proof of earnings in insurance refers to the documentation required by an insurance company to verify an individual's income when applying for disability insurance benefits. This is important as disability benefits are typically based on a percentage of the individual's income prior to becoming disabled. ‍

Proof of loss is a term used in insurance to refer to the documentation that an insured person must provide to their insurer in order to make a claim. It is typically required when a policyholder has experienced a loss or damage that is covered under their insurance policy, such as a disability.

Disability rehabilitation benefit payments are a type of insurance benefit provided to a policyholder who becomes disabled due to an injury or illness, but who may be able to return to work with the appropriate rehabilitation. This type of benefit is designed to provide the policyholder with the financial support necessary to cover the cost of rehabilitation services and training needed to re-enter the workforce.

A Disability Return of Premium (ROP) Rider is an optional add-on to a disability insurance policy that provides a refund of premiums paid if the insured does not experience a disability during the coverage period. The ROP rider is designed to address the concern that if an individual pays premiums for years without ever becoming disabled, they will have paid a significant amount of money with no benefit.

A Social Insurance Supplement (SIS) is a type of disability insurance rider that is designed to work in conjunction with social insurance programs, such as Social Security. The SIS is intended to provide additional income to an insured individual if their disability benefits under the social insurance program are not sufficient to cover their living expenses.

A Disability Social Security Rider is an optional add-on to a disability insurance policy that provides additional benefits to policyholders who are also receiving Social Security Disability Insurance (SSDI) benefits.

In disability insurance, the terms "total temporary" and "total permanent" are used to describe the severity and duration of a disability.

A Disability Transplant Expense Provision is a provision in a disability insurance policy that covers the cost of an organ transplant in the event that the insured becomes disabled and requires a transplant as part of their treatment. This provision is often included as an optional rider to a disability insurance policy and can provide valuable coverage for individuals who are at risk of developing conditions that may require an organ transplant.

A Waiver of Premium Rider is a provision in an insurance policy that allows the policyholder to waive the premium payments in the event that they become disabled and unable to work. This rider ensures that the policy remains in force even if the policyholder is unable to pay the premiums due to their disability.

In insurance, a domestic insurer refers to an insurance company that is incorporated and licensed to operate in a particular state or country where it is domiciled. The term "domestic" is used to distinguish these companies from foreign or alien insurers, which are based in other states or countries.

Total disability in insurance refers to a condition where an individual is unable to work and earn a living due to an illness or injury. This type of disability is typically defined as the inability to perform any occupation for which one is reasonably suited by education, training, or experience. In insurance, total disability is often covered under disability insurance policies and can provide financial support to individuals who are unable to work due to a disability.