Residual Benefit
Definition
- The benefit(s) paid to a disability insurance policyholder if or when the insured loses income due to a disability covered by the insurance policy. Residual benefits are determined by the terms of the insurance policy and can consist of a lump sum or a series of periodic payments, each based on a percentage of the full benefit.
Synonyms
disability insurance benefit, disability benefit
Related Terms and Acronyms
- Activities of Daily Living (ADL) — Acronym, Important,
- Physical activities an average individual is capable of doing on a normal day.
- Critical Illness Insurance (CII) — Acronym, Very Important,
- Insurance that covers individuals in the event of a critical or catastrophic illness.
➥ A health insurance policy rider. - Custodial Care — Definition,
- Care for individuals who find themselves unable to perform the activities of daily living but at the same time are not in need of constant medical care.
- Disability Insurance (DI) — Acronym, Important,
- Insurance that covers individuals who develop a condition that hinders their ability to work.
- Group Home Care — Definition,
- An arrangement where a group of people with disabilities receive both custodial and medical care in a single residence instead of in their own homes, which can be prohibitively expensive.
- Handicap Accessibility — Definition,
- A measure of how accessible a location, product or service is for people with special needs or disabilities.
- Home Care — Definition,
- Medical and/or non-medical care provided directly in a person's home.
- Long Term Care Insurance (LTC) — Acronym, Important,
- Insurance that covers health care costs for individuals with chronic or disabling conditions.
- Own-Occupation Provision — Definition,
- Insurance that triggers when a policyholder is unable to work in his or her own occupation due to disablement.
