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Terms & Definitions
Other Group Insurance Terms

Other Group Insurance Terms

  • Accidental Death and Dismemberment

    Coverage, built into a policy, designed to provide protection in...

  • Activities of Daily Living

    Bathing - the ability to wash yourself either in the...

  • Annuity

    A contract between an insurance company and an individual in...

  • Beneficiary

    The individual or entity designated to receive the death benefits...

  • Buy-Sell

    An arrangement used by businesses to sell interests of a...

  • Cash Surrender Value

    The amount of money available to a policy owner when...

  • Contingent Beneficiary

    A person(s) who is entitled to receive the benefits of...

  • Deductible Sources of Income

    Income from deductible sources listed in the plan which you...

  • Disability Earnings

    The earnings you receive while you are disabled and working,...

  • Elimination Period

    A period of continuous disability which must be satisfied before...

  • Evidence of Insurability

    A statement of your medical history, which an insurance carrier...

  • Gainful Employment

    Generally this is an occupation that is or can be...

  • Gross Disability Payment

    Typically it is the benefit amount before the insurance carrier...

  • Indexed Monthly Earnings

    Your monthly earnings adjusted on each anniversary of benefit payments...

  • Injury

    A bodily injury that is the direct result of an...

  • Key person policy

    An insurance policy that reimburses a business for financial loss...

  • Long Term Disability

    This type of insurance pays a weekly benefit for total...

  • Material and Substantial Duties

    Duties that are normally required for the performance of your...

  • Maximum Capacity

    The greatest extent of work you are able to do...

  • Maximum Period of Payment

    The longest period of time an insurance carrier will make...

  • Occupational Sickness or Injury

    A sickness or injury that was caused by or aggravated...

  • Own Occupation

    A term defining the most liberal interpretation of total disability...

  • Partial Disability

    This provision is built into some disability policies and the...

  • Regular Occupation

    The occupation routinely performed when a disability begins. The insurance...

  • Short-term Disability

    This type of insurance pays a monthly benefit for total...

  • Term Life Insurance

    A plan of insurance that covers the insured for a...

  • Total Disability

    Although this definition can vary by plan, generally insureds are...

  • Universal Life Insurance

    A life policy that pays a death benefit and accumulates...

  • Whole Life Insurance

    A plan of insurance that covers the insured for life,...

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Business Benefits Insurance Solutions - Northern Kentucky

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