- 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."
impairment, affliction, debility insurance
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,
➥ Formerly known as Unemployment Insurance (UI).
- A Service Canada program where premiums are paid by taxpayers and benefits are provided for the unemployed.
- 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,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- 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.