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30 Cards in this Set
- Front
- Back
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Own Occupation |
Inability to perform any and all duties of insured’s normal occupation |
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Any Occupation |
Ability to perform work for which the insured is qualified by training, education and experience |
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Income replacement |
A reduction in income triggers payment |
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Presumptive Disability |
Automatic qualification Loss of or loss of use of any two limbs Blindness in both eyes Loss of speech Permanent loss of hearing in both ears |
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Medically defined Disability |
House confined and doctors care |
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Disability |
Indemnity benefit-fixed benefit Elimination period Benefit period |
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Waiver of Permium |
Waves further premium payments after waiting period Refunds any premium payments during waiting oeriod |
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Coordination with Government Benefits |
Additional monthly benefit rider Social Insurance Supplement |
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Additional Monthly Benefit Rider |
Pays additional benefit during first 6 to 24 Months Pays even if insured receives gov’t benefits |
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Social Insurance supplement |
Pays when social benefits are not paid Makes up the difference between the govt benefit and the amount of the rider Pays only during the policy benefit period |
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At work benefits offered by employer |
Partial disability Residual disability Recurrent disability |
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Partial disability |
Returns to work in a reduced capacity Usually pays 50% of total benefit No longer than 3 to 6 months |
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Residual disability |
Paid whether insured is able to work full or part time Benefit based on reduction of income Pays a long as the reduction in income continues |
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Recurrent disability |
Condition recurs after returning to work Didn’t have to wait to start receiving benefit Conditions must recur within a certain time frame after returning to work |
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Other Provisions affecting benefits |
COLA FIO Relations of earning to income |
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Cost of Living Rider |
Increases benefit while receiving disability Based on Consumer price index Adjustments usually made every 12 months |
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Future Increase Option |
Allows insured to increase policy benefits No evidence if insurability required Insured’s income must be increased |
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Relations of earnings to insurance |
Allowed insurer to change policy benefit if insured’s income has decreased Portion of the premium will be refunded |
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Cash Benefits |
AD&D Rehabilitation benefit Medical reimbursement |
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Accidental death & dismemberment |
Amount of rider is principal sum Paid if accidental death, loss sight in both eyes or both limbs Small benefit for loss of one eye or limb |
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Rehabilitation Benefit |
Total disability Helps train for new occupation Pays a long as insured is disabled and stays in program |
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Medical Reimbursment |
Helps pay medical bills for non-disabling injury |
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Provisions |
Return of premium Cash surrender value |
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Return of premium |
Refunds a stated percentage of the premium after states time Benefits paid subtracted |
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Cash surrender value |
Accumulated cash values that are equal to all premiums paid If policy is surrendered for cash value any benefits are subtracted |
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Exclusions |
War or military service Suicide and other self inflicted injury Non-commercial aviation Commission of a felony Living overseas |
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Disability Underwriting |
Occupation Benefit limits Policy issuance alternatives Increase premium Exclusion rider |
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Business uses of disability |
Key Person Business overhead expense Disability buy sell |
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Social Security Disability |
Must have 6 credits in last 13 quarters Number of credits increase with age up to age 62 Fully insured when 40 credits have been earned 5 months waiting period for benefits Not retroactive to cover first 5 months Disability must last for 12 months Amount of benefit based upon the persons Primary Insurance Amount Spouse and children may receive benefits |
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Workers Compensation |
Medical treatment Rehabilitation Income loss due to disability Income loss due to death |
