Partial Disability
Total disability
Residual Disability
Conditional renewable policy
Waiver-of-premium provision
Nonrenewable
Guaranteed renewable policy
Non-cancelable policy
if the insured is totally disabled for 90 days, future premiums will be waived as long as the insured remains disabled.
is one in which the insurer guarantees to renew the policy at each anniversary date. However, the insurer has the right to increase the premium rates for the underwriting class in which the insured is placed.
means that you are gainfully employed and not totally disabled but, solely because of sickness or injury, your loss of income is at least 15 percent of your prior income.
the policyholder can renew the policy until specified age; however, the insurer has the right to decline renewal under conditions specified in the contract.
means that you can perform some but not all the duties of your occupation.
which expire at the end of the protection period. These policies typically provide coverage only for a limited period, and the policyholder does not have the contractual right to renew the policy.
the insurer cannot change, cancel, or refuse to renew the policy as long as premiums are paid on time. In addition, the insurer cannot change the premiums or rate structure specified in the policy.
due solely to injury or sickness, you are unable to perform the material and substantial duties of your own occupation.
