Disability Insurance


  • 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,
      • 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.
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