Insurance Basics
Lincoln partners with these organizations to offer benefits to employers.
What is an Insurance Broker?
A benefit equal to a set amount instead of salary is called this.
What is a flat dollar amount?
This type of insurance is optional and typically paid for by the employee through payroll deductions.
What is voluntary insurance?
STD provides this type of income benefit frequency.
What is weekly income?
LTD provides this type of payment frequency.
What is monthly income?
50% of U.S. households lack this important financial protection.
What is life insurance?
When death is due to an accident, this is what beneficiaries may receive.
What are both a Life benefit and an AD&D benefit?
Employees are allowed to elect coverage amounts for these people under Voluntary Life/AD&D.
What are spouses/children or dependents?
STD covers inability to work due to these main 3 conditions. (List 2 of 3)
What are illness, injury, or childbirth recovery?
This type of disability definition focuses on your ability to perform your specific job.
What is own occupation?
This is what disability insurance replaces when an employee can’t work.
What is a paycheck / income?
The contribution type or Basic Life coverages are often...
What is Employer Paid/Non-Contributory?
This policy term describes a lowering in benefit based on hitting certain age limits.
What is benefit reductions?
The waiting period before benefits start is called this.
What is the elimination period?
LTD plans commonly have elimination periods of these 2 lengths.
What are 90 & 180 days?
This is the amount you pay regularly to keep your insurance coverage active.
What is a premium?
Life insurance helps cover these final costs after death.
What are funeral or memorial expenses?
This policy provision allows you to continue coverage after your group plan has terminated.
What is conversion?
Disability insurance is designed to replace this percentage of income.
What is 60%?
LTD benefits may continue until this milestone if the disability persists.
What is retirement age (or end of benefit period)?
This is a request made to an insurance company for payment after a loss.
What is a claim?
This person is designated to receive life insurance benefits.
Who is a beneficiary?
Term for an amount of coverage that is given to the insured without having to answer health questions to become qualified.
What is Guaranteed Issue?
This limitation may restrict benefits if your disability is related to a condition you had before coverage started
What is a pre-existing condition clause?
This concept describes how long-term disability benefits begin as short-term disability benefits end, creating a continuous stream of income protection
What is dovetailing?