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list covergae charachteristics of disability insurance
Disability insurance is intended to replace income lost as a result of an illness or accident that is not excluded by the terms of the policy. [ Stated otherwise, it provides a source of replacement income, for a stated period of time, when the insured is unable to work because of an illness or an accident if that illness or accident is not excluded from the scope of coverage. Disability insurance is medically underwritten, meaning that the insurer takes into account when considering the application the health condition of the applicant, including preexisting conditions. One applies for a
stated monthly benefit and the premium is based, in part, on that amount. Disability policies also have "elimination periods", which are similar to "deductibles" on property and casualty policies. An elimination period is the period during which no benefits are payable following a qualifying disability. A longer elimination period will generally correlate to a lower monthly premium, because the insurer's obligation to pay will not be triggered until after the elimination period has passed. ]
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Expert answered|OxTornado007|Points 6559|
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Asked 1/17/2013 4:34:44 PM
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