An ideal insurance market for the consumer, exhibiting low prices, adequate availability, and low claims risks. Successive periods of disability Periods of disability, from the same or related cause, separated by a six month time period. In the case of Trust Income Protection Plans, benefit payments will begin again immediately without the imposition of a new benefit waiting period. If the insured should die while receiving total disability benefits his or her survivors would receive a sum equal to three monthly benefits. The policy pays death benefits only if the insured dies during the term.
Coverage provides pure death protection without combining the insurance with elements of savings.
Umbrella liability policy Separate, high limit policy in excess of the limits of the primary coverage and any other liability coverages. Vicarious liability Under the law, in certain cases, a person can be liable for another's acts. Waiting period Period of time between the beginning of an insured's disability and the commencement of the period for which benefits are paid. A plan of insurance for life, with premiums payable for a person's entire life. This plan includes a forced savings element that provides a cash value for the policy.