Brriefly explain the following disability-income insurance provisions: (a) Residual disability (b) Benefit period (c) Elimination period...

Brriefly explain the following disability-income insurance provisions:

(a) Residual disability

(b) Benefit period

(d) Wavier of premium

Solutions

Expert Solution

Disability insurance is the insurance that helps to get the income which a person has lost due to certain disability.

a) Residual disability is the income provision under disability insurance that provides money when a person suffers loss of income of at least 20 percent.

b) Benefit period is the time period for which the benefit of the insurance will be available to the insurer.

c) Elimination period is the time period between the beginning of the disability or the date of the injury and the receipt of the benefit from the disability insurance.

d) Waiver of premium is the provision of a disability insurance where the insurance company will not collect premium if it considers that the disability is serious.

jeff jeffy answered 1 year ago

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