Disability Insurance

Definition

• An insurance policy that provides coverage in the event of a disability and an inability to work. After a elimination period, disability insurance benefits are generally paid monthly or weekly, usually to a maximum of two thirds of the insured person's previous income. Most policies have exclusions for pre-existing conditions. Also known as "disability-income (DI) insurance."

Synonyms
impairment, affliction, debility insurance

Acronyms
DI

Related Terms and Acronyms

• Activities of Daily Living (ADL) — Acronym, Important,
  • Physical activities an average individual is capable of doing on a normal day.
• Confining Condition — Definition,
  • Any medical condition that forces an individual to stay confined to a single location.
• Creditor Insurance — Definition,
  • Insurance that repays debt if the borrower cannot.
• Disability — Definition,
  • A condition that limits or completely inhibits an individual's ability to work or perform everyday tasks.
• Disability Insurance Benefits (DIB) — Acronym, Important,
• Elimination Period — Definition,
  • The wait that spans from when a claim is initially filed to when benefits are eventually paid by an insurer.
• Employment Insurance (EI) — Acronym, Canada,
  • A Service Canada program where premiums are paid by taxpayers and benefits are provided for the unemployed.
  ➥ Formerly known as Unemployment Insurance (UI).
• Handicap Accessibility — Definition,
  • A measure of how accessible a location, product or service is for people with special needs or disabilities.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Lapsed Policy — Definition,
  • A policy that is no long in effect due to missed payments, inaction or its term ending.
• Life Insurance — Definition, Very Important,
  • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
  ➥ CanEquity offers life insurance.
• Long Term Care Insurance (LTC) — Acronym, Important,
  • Insurance that covers health care costs for individuals with chronic or disabling conditions.
• Long Term Disability Insurance (LTDI) — Acronym,
• Own-Occupation Provision — Definition,
  • Insurance that triggers when a policyholder is unable to work in his or her own occupation due to disablement.
• Permanent Disability Insurance (PDI) — Acronym,
• Power of Attorney (POA, PA) — Acronym,
  • A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
• Reinstatement — Definition,
  • Resuming an insurance policy that has either lapsed or been terminated.
• Residual Benefit — Definition,
  • Insurance benefits paid to individuals who lose income due to a covered disability.
• Respite Care — Definition,
  • Medical or non-medical care provided for a sick or disabled person which is arranged to give a primary caregiver respite for a short or extended period of time.
• Short-Term Disability Insurance (STDI) — Acronym,
• Temporary Disability Insurance (TDI) — Acronym,
• Waiting Period — Definition,
  • The amount of time that must pass before something occurs.