You’ve finally gotten to the end of your foreign-language lesson in Insurance-ease.
If you have patiently read through our full series of posts (six of them prior to this one), you have been educated on some of the key terms that describe provisions, terms, rules and expectations with disability insurance – both for the benefit of you, the insured, and for the insurance company.
This installment finishes our glossary of terms. Should you have any other questions about any of these, please don’t hesitate to contact us at 866-899-7318 or visit our website at www.DoctorDisability.com.
Our final terms –
A disability or illness where full recovery is expected – a broken arm, for example.
Timely Payment of Claims: Once a proof of loss is accepted, the company usually has 60 days to begin paying benefits.
Total Disability: Can be defined as the inability to perform the duties of your occupation – or any occupation. “Your” occupation has a cheaper premium than “any” occupation because it is a more restrictive definition.
Unpaid Premium: When sending a benefit check, any unpaid premium is deducted from the benefit check.
Waiver of Premium: This allows for the insurance company to pay the premium as long as the insured (you) is considered totally disabled according to the policy. This waiver usually kicks in after a waiting period of three to six months – and the company may also refund any premiums paid during the waiting period.
Now you have what you need to know to understand a disability policy. But if you still have questions or need more specific information about anything, we are here to help answer any questions you may have.