Vocabulary
Unable to perform the material and substantial duties of your regular occupation.
What is Disability?
Monthly Indemnity / 30
Daily Rate
Benefits are paid upon diagnosis of the following: Heart Attack, Stroke, Kidney Failure, Paralysis, Major Organ Failure.
Critical Illness Rider
Describes how the policy describes benefits.
What is Schedule of Benefits?
Benefits are provided based on an elected monthly indemnity.
What is monthly disability?
Where are riders found on a policy?
Attached to the bottom of the most up to date policy.
Lists all limitations and exclusions in the policy. A limitation limits the amount/time allowed to be provided for. An exclusion completely excludes an act or diagnosis from benefits.
Limitations & Exclusions
Your monthly salary from your employer at the time your disability began.
What is monthly compensation?
If they separate from their employment and continue their health insurance. This insurance can be very expensive.
COBRA
A clause built into most policies that allows the Customer to have premiums waived after a defined amount of time in the policy.
What is Waiver of Premium?
Allows the Insured to work part-time, after the elimination period has been met, and still receive a pro-rated disability benefit.
Intermittent Disability
Disability, critical illness, cancer, accident only, AO-22, and hospital assist/hospital indemnity.
Policies that can have riders.
You receive regular, appropriate medical care for your disabling condition(s) from a qualified physician.
What is regular and appreciate care?
Indemnity is more than 60%, 66.6%, or 70% of their monthly compensation.
Over Insured
Mr. Ace has a 180-maximum period of benefits, and he passes away on day 120. His beneficiary will receive benefits for how many days and which rider is this?
60 days and Survivor Benefit Rider