Disability Income And Related Insurance Flashcards
What type of health insurance covers partners or corporate officers of a closely held business?
Disability buy-sell
What type of health insurance would pay for hiring a replacement for an important employee who becomes disabled?
Key person disability insurance
What are the four types of workers compensation benefits?
1 medical
2 income
3 rehabilitation
4 death benefits
What type of insurance covers an employee who is hurt on the job?
Workers compensation
What type of disabilities will be covered by occupational coverage?
Disabilities that result from accidents or sicknesses that occur on or off the job
What type of health insurance is sold to small business owners to reimburse them for overhead expenses?
BOE- Business Overhead Expense insurance
What is the primary purpose of disability income insurance?
To replace income lost due to a disability
What is the purpose of a buy sell agreement for health insurance policies?
To specify how the business will pass between owners when one of them dies or becomes disabled
What does the amount of disability benefit that an insured can receive depend on?
The insured’s income at the time of policy application
What is another name for Old Age, Survivors and Disability Insurance benefits?
Social Security
What is a presumptive disability provision?
Provision found in most disability income policies that specifies the conditions that will automatically qualify for full disability benefits
With key person disability insurance, who pays the policy premiums?
The business (employer)
What is the term for a period of time immediately following a disability during which benefits are not payable?
Elimination period
How can an AD&D policy be written?
As a rider to a health insurance policy, or as a separate policy
What is the own occupation disability?
Insured’s inability to perform duties of his or her current job or an occupation for which the insured is educated and trained
