A policy that pays a benefit out monthly to provide an income for the policyholder, instead of paying out a one-time benefit.
Insurance Encyclopedia
Income protection insurance policy
Type of disability income policy that states that an insured is disabled if he or she suffers an income loss due to a disability.
Income protection/permanent health insurance
A permanent contract that, after a waiting period, pays an income for so long as the policyholder is unable to work due to accident or illness up to a given age, usually retirement. The maximum benefit is circa 60 per cent of pre-disability income and may be level or index-linked. A proportionate benefit is paid to persons returning to work but forced to take lower paid jobs. Income protection cover is available for individuals and groups. Benefits can be immediate or deferred until a certain time has passed. See DEFERRED PERIOD.
Income rate
Ratio of income tax revenues on an incurred basis (payroll tax contributions and income from the taxation of Old Age, Survivors, Health and Disability Insurance [OASDI] benefits) to the health insurance taxable payroll for the year.
Income replacement ratio
Percentage of pension income that a retiree would require after retirement to retain a standard of living that is equal to his or her preretirement standards. Because a retired individual’s expenses are less when retired, this ratio is usually less than 100%.
Income Tax Benefits for Health Insurance
Under Section 80D, *annual deductions* upto Rs 25,000 can be availed of (Rs 30,000 for senior citizen.
Incompetent
A person who cannot manager his own affairs. One who is legally declared insane would be an example of an incompetent. Children under a certain age are also considered incompetents for some purposes.
Incompetent (Legal Terminology)
Someone who is not able to handle his or her own affairs due to mental incapacity, being younger than the age of consent, or another reason.
Incomplete claim
Any Medicare claim missing required information; such claims are identified to the provider so that they may be resubmitted.
Incontestable Clause
A clause by which a Policy becomes unquestionable after the expiry of certain number of years (in India 4 years); term used in Health Insurance policies.
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A policy provision in which the company agrees not to contest the validity of the contract after it has been in force for a certain period of time, usually two years.
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MEDICAL,USA Provision in a health insurance contract or life insurance policy that states that the insurer is prohibited from disputing the coverage stated in the policy for certain conditions after it has been in force for 2 (or sometimes 3) years. Sometimes this clause is used in noncancelable guaranteed renewable insurance policies.