Definition of Disability insurance:
There are two basic types of disability insurance.
Insurance policy that pays disability benefit as a partial replacement of income lost due to illness or injury. Most disability insurance policies pay a fixed sum for a fixed period, while others pay a monthly sum for the entire period the insured is disabled from earning suitable income (as determined by his or her qualifications, experience, and training).
Disability insurance is a type of insurance that will provide income in the event a worker is unable to perform their work and earn money due to a disability. There are many types of organizations that provide different types of disability insurance. Each organization and disability insurance type have specific rules as to what constitutes a disability and how a person might qualify to receive the disability benefit. This basic insurance is a key social justice concept.
How to use Disability insurance in a sentence?
- Having good disability insurance will allow your workers to have the peace of mind knowing they will be taken care of in case of disaster.
- When I worked at my shoe factory, I lost a leg due to an accident, and had to collect disability insurance in order to pay my bills and eat.
- If you have a factory or warehouse it is important that your business has good disability insurance in case of a disaster.
Meaning of Disability insurance & Disability insurance Definition