Own-Occupation Provision
Definition
- A provision that provides insurance coverage for individuals who can no longer work in the field of their expertise due to disablement. In order to qualify for this form of coverage, the policyholder must be employed at the time when the disability occurs. Depending on the agreed upon terms, those covered by an insurance policy with an "own-occupation" provision may still collect full benefits even if they find a job in another field of work.
Synonyms
disability coverage, any occupation provision
Related Terms and Acronyms
- Casualty Insurance — Definition,
- Insurance that covers losses and liability from injuries to others and/or damage to the property of others.
- Disability Insurance (DI) — Acronym, Important,
- Insurance that covers individuals who develop a condition that hinders their ability to work.
- Handicap Accessibility — Definition,
- A measure of how accessible a location, product or service is for people with special needs or disabilities.
- Long Term Care Insurance (LTC) — Acronym, Important,
- Insurance that covers health care costs for individuals with chronic or disabling conditions.
- Residual Benefit — Definition,
- Insurance benefits paid to individuals who lose income due to a covered disability.
