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Disability Insurance > Disability Income And Related Insurance > Flashcards

Disability Income And Related Insurance Flashcards

1
Q

What is disability income ins ?

A

Replace lost income
Percentage of income to incentivize return of work
Sickness or Injury Only

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2
Q

What is meant by Own Occupation?

A

24 months after loss
Unable to perform any duties of their own occupation

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3
Q

Any Occupation

A

Cant perform any duties anywhere

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4
Q

Partial disability meaning, covers what

A

50% of total
Covers when insured can do some but not all old duties

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5
Q

Residual Disability Benefits is what ?

A

When an insured comes back to work after TOTAL Dis and can’t perform normal duties.
To what was earned before

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6
Q

Presumptive Disability qualifications ?

A

Conditions for qualification of benefits
Dimemberment
Boundless
Loss of speech or hearing

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7
Q

Recurrent Disability is what ?

A

Reoccurring injury or illness treated as continuous 3-6 months
No elimination period

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8
Q

Permanent Disability is what ?

A

After reaching maximum medical improvement

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9
Q

Individual Disability Income applied by who? Taxable?

A

Individuals not employer
After Tax Dollars
Benefits: NOT INCOME TAXABLE
own money can’t be taxed twice

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10
Q

Elimination Period (waiting period) purpose?

A

Time Deductible
Eliminate coverage for short term disabilities
30- 365 Days

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11
Q

Longer elimination period means what about premiums?

A

Lower premium

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12
Q

What is a benefit period ?

A

Time monthly disability pay will last
1 , 2 , 5 Years
Until 65 maybe

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13
Q

Probation period is what ?

A

Time before your policy is in effect 10-30 Days
Reduce adverse selection

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14
Q

What is the Hospital Confinement Benefit?

A

Supplemental income benefits when in a hospital

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15
Q

Guaranteed Insurance Rider does what ?

A

Increase of benefit amount without proof of insurability

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16
Q

Principle Sum

A

Face amount

17
Q

Capital Sum

A

Percentage of Principle paid for half dismemberment

18
Q

Disability premiums paid by an employee are NOT TAXABLE

A

NOT TAXABLE

19
Q

Disability benefits paid by employer ARE TAXABLE

A

ARE TAXABLE

20
Q

Disability Income Insurance premium is deducible to the employer

A

Disability Income Insurance premium is deducible to the employer

21
Q

Group plan benefit max based on what ?

A

Percentage of workers income

22
Q

Individual disability policies max benefits based on what ?

A

Flat rate

23
Q

Own occupation v Any occupation
Who’s benefit is better?

A

O: focused only on your job
If disabled and can’t do your own job: benefits DOCTORS
A: focused on any job you are able to perform
Own provides better benefit

24
Q

Short term group v individual benefit period ?

A

Group: 13 -52 wks
Individual: 6 months - 2 years

Not renewable

25
Q

Group long term max benefit period?

A

More than 2 years

26
Q

Group Short Term Disability STD for who?
elimination period? Benefit period range?

A

Company employees
Could be zero,
6 months, 1 years, 2 years

27
Q

Group Long term disability used for who? Benefit period ?

A

Management employees
Age 65

28
Q

What is business disability insurance?

A

Protection from loss of key employees

29
Q

What is a disability buy- sell agreement ?

A

Legal agreement by attorney
For when one or more owners die
Lump Sum

30
Q

What is Old Age Survivors Disability Insurance?

A

Social Security

31
Q

What does Fully insured mean? What are the benefits?

A

Has earned 40 Quarters (10 years)
SS Retirement
Premium freed Medicare A
Survivor benefits

32
Q

Currently Insured means? (Partially)

A

Earned 6 credits during 13 quarter period ending w the quarter the insured:
Dies
Disabled
Or old age

33
Q

If an individual is entitled to premium free Medicare A…

A

Automatically eligible for B
Must pay monthly premium

34
Q

Waiting period for Social Security?

A

5 Months

35
Q

BOE Bus overhead expenses policy explained ?

A

SPPTEN
Small business
Period of total disability
Premiums are tax deductible
Taxable
Equip expenses
NO Salaries n profits

36
Q

What is the additional monthly benefit rider ?

A

Insurer will pay benefits for a year

Disability Insurance (9 decks)

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