Disability Insurance

Disability Insurance Products & Principles

Disability Insurance Products and Principles discusses the principal disability products: disability income, income replacement, business overhead expense and disability buyout. It examines disability policy definitions and provisions, principal disability rider benefits, disability income underwriting, primary sources of disability income benefits, special coverage disability policies and taxation of disability coverage.

Upon completion of this course, students should be able to:

  • Recognize the various definitions of disability used by insurers;
  • Distinguish the important differences between the principal renewability provisions;
  • Identify the benefits provided by Social Insurance Benefits riders, Purchase Option riders and Return of Premium riders;
  • Understand the nature of financial and medical disability insurance underwriting;
  • Explain occupational classification;
  • Describe the important sources of disability income benefits, including those provided by federal and state government programs, employer-related plans and individually purchased policies; and
  • Recognize the tax treatment of disability premiums and benefits.

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