Insurance that covers the insured in the event that he or she is sick or injured to the point of not being able to work. Under this type of policy, payments are made at regular intervals to replace a regular income.
Insurance Encyclopedia
Disability insurance
MEDICAL,USA: 1. See disability income insurance . Also known as nonoccupational insurance or loss of time insurance . 2. See Old-Age, Survivors, and Disability Insurance (OASDI) Program .
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Coverage which generally provides non-occupational weekly benefits payable to employees for accident or sickness not within the scope of workmen’s compensation law.
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Disability insurance pays an insured person benefits in the event the person becomes incapable of working due to an accident, a sickness, or both. Generally, policies are designed to replace 50 to 65% of the insured’s earned income prior to the accident or illness. The disability insurance policy can be written in a number of ways and some of the applicable terms are noted below:
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Health insurance that provides income payments to the insured wage earner when income is interrupted or terminated because of illness, sickness, or accident.
Disability insurance (Health Insurance/Life Insurance)
Insurance that pays out in case of a disability that renders the insured unable to earn an income. Policies can provide coverage in the case of total, catastrophic, or residual disability.
Disability Insurance Training Council Inc. (Health Insurance)
A branch of the National Association of Health Underwriters that attempts to support education by local health associations. The council also administers university and executive seminars.
Disability insured (Health Insurance)
A status that the insured must be granted by the Social Security Administration to collect disability benefits. This status is only granted if the insured has paid social security taxes in 20 of the 40 quarters preceding the claim being filed.
Disability pension (Life Insurance)
A pension paid out to a worker who has become disabled. This is usually paid at a normal retirement age.
Disability Percentage Table
A Table showing various disabilities (e.g., loss of an eye or a finger) and the percentage of total disability that each is deemed to represent.
Disability Rights Commission (DRC)
Independent body created by statute to eliminate discrimination and promote equality of opportunity. Advises government, business, disabled persons and service providers. DRC is the statutory enforcement mechanism for the Disability Discrimination Act and is empowered to issue non-discrimination notices.
Disability table
1. Statistical chart that shows the probabilities of becoming disabled at each age. 2. Tabulation of the number of individuals who continue to be disabled at each age and the length of disability.
Disabled
For purposes of enrollment under Medicare, individuals younger than 65 years of age who have been entitled to disability benefits under the Social Security Act or the railroad retirement system for at least 24 months are considered disabled and are entitled to Medicare.