An any-occupation policy is a type of disability insurance that pays benefits if the policyholder is unable to work in their chosen occupation. The policy will usually define what is considered to be the policyholder’s chosen occupation, and will only pay benefits if the policyholder is unable to work in that occupation. Some any-occupation policies … Read more
A future purchase option is a feature of some disability insurance policies that allows the policyholder to purchase additional coverage at a future date, without having to provide evidence of insurability. The premium for the additional coverage is based on the age of the policyholder at the time the option is exercised. What is a … Read more
Residual benefit is a type of long-term disability insurance that pays benefits to policyholders who are unable to return to work due to a disability. The benefit is typically a percentage of the policyholder’s pre-disability income, and is paid for a specified period of time. Which statement is correct about residual benefit payments? The Social … Read more
Total Permanent Disability (TPD) is defined as an injury or illness that prevents an individual from ever working again in any capacity. This can be the result of a physical injury, a mental illness, or a combination of both. TPD insurance is designed to provide financial protection for individuals who are unable to work due … Read more
A waiver of premium for disability is a rider that can be added to a disability insurance policy. This rider waives the policyholder’s premium payments if they become disabled and are unable to work. The waiver of premium for disability rider is designed to help policyholders keep their coverage in force if they become disabled … Read more
