Short Term Disability Insurance Quote Glossary

Short Term Disability Insurance Quote Glossary

Jul 9, 2024

To help you understand what a short term disability insurance quote is and how it works, we’ve compiled a list of some of the basic terms of short term disability insurance.

Disability insurance – a type of insurance that will cover a portion of the worker’s income in the event that he or she experiences an injury that will prevent them from working their work and earn money.

Short term disability insurance – a type of insurance that will cover a portion of the worker’s income in the event that he or she experiences an injury that will prevent them from working their work and earn money for a short period of time – usually anywhere between 1 month and 6 months depending on the policy.

Own occupation – when the insurance policy is own occupation, it means that the worker is unable to work only their own job/a job in their field.

Any occupation – when the insurance policy is any occupation, it means that the worker is unable to work any job at all.

Qualifications – before becoming eligible to receive a short term disability insurance quote, you need to meet certain requirements, known as qualifications.

Benefits – The amount of money the worker will receive from their short term disability insurance quote in case of a disability. It’s usually stated as aa amount of their monthly salary.

Residual benefit – when the policyholder is provided only with part of the total benefits due to a partial disability of the short term disability insurance policy.

Claim – a request for payment under a short term disability insurance policy.

Maximum benefit period – the maximum amount of time when the disabled worker is eligible to receive benefits according to their short term disability quote.

Maximum benefit – the maximum amount of money the worker can receive through their short term disability insurance policy.

Elimination period – the period between the start of the disability and when the benefits start paying.

Insurance provider – the company that is offering the short term disability insurance quote and with whom the worker has signed an insurance policy.

Pre-existing Condition Limitations – conditions that existed before the disability happened that are excluded from the short term disability benefits.

Exclusions – conditions that are not covered by the short term disability insurance policy.

Waiver of premium – if a worker becomes unable to work due to a disability, they don’t need to pay premiums for the period of time when the benefits are paid out to them. Not all policies have waiver of premium

Quixory

904 Bombay Lane Suite 100 Roswell, GA 30076

© All Copyright 2024 by Quixory.com