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Cure The Insurance Blues By Lowering The Cost of Your Premiums
Does the current amount that you pay on your insurance premiums keep you awake at night? If so you’re not alone. In today’s fast paced society many people are looking for ways to save money unfortunately this can lead to scrimping and watching where...
Insurance Claims
By: Alan Jason Smith
Site: http://www.lanzinsurance.com
When you are involved in an accident insurance claims may not be the first thoughts on your mind. However, there are some procedures you should follow in order to preserve your right to...
Private Mortgage Insurance (PMI)
If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as PMI, with your lender. This will enable you to obtain a mortgage with a lower down payment because...
The Different Types of Life Insurance Explained
There are numerous companies existing today that offer life
insurance policies. Though the crux of the policy (to ensure a
safe and sound life of an individual's survivors as well as to
the individual) does not alter yet companies try to differ...
Understanding Insurance Fraud
Insurance fraud is the second costliest white-collar crime in
America, after tax evasion. It is estimated that $80 billion is
paid out each year in fraudulent insurance claims. It is
estimated by the Coalition Against Insurance Fraud that...
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Disability insurance 101- What You Absolutely Need to Know
Disability insurance is the mutual agreement between the policy provider and the beneficiary in which the provider agrees to pay a certain amount of money to the beneficiary on certain unexpected event leading to a disability, which incapacitates the person in doing his duties of the occupation and / or of any other job.
Disability insurance is of three broad types depending on the clause put forward by the insurance provider:
a)Own occupation disability insurance
b)Income replacement insurance
c)Gainful occupation coverage
1) Own occupation disability insurance refers to the insurance money claimed by the beneficiary on his/her inability to perform the regular duties of the regular occupation although the person may or may not able to do another job.
2)Income replacement insurance means that the policy provider is supposed to pay the agreed amount in case because of some mishap you are not able to do your duties both in your occupation and any other job.
3)Gainful occupation coverage denotes that the beneficiary will get the payment if he / she is neither able
to perform the duties of the occupation nor any other work which the person is capable of doing because of his/ her education or knowledge.
There are certain other legal terms attached to this type of insurance. Elimination period is the time period from the time of the disability to the maximum time you are eligible to earn benefits. A short elimination period will be charged higher than the longer elimination period.
The period of time the beneficiary is eligible to earn benefit is called the benefit period.
Now the most important thing is certain points which are excluded from the usual policies for e.g. if the claimant has suffered the disability in times of war or even while in alcohol or drugs or having the damage while involved in crime most of the policies either refrain from providing benefits or will provide only limited benefits. These points are to be looked for before signing onto the policies for these are usually written in fine print.
About the Author
Rita Roy writes about Disability Insurance topics.
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