Qualifying for Benefits

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Question 1 of 7

1. Question

What are the two main ways to define “total disability”?

partial occupation and permanent occupation

presumptive and recurrent

elimination and probationary

own occupation and any occupation

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Question 2 of 7

2. Question

Which of the following statements is FALSE about a pure loss of income policy?

It pays a specified amount if the insured suffers a loss of income.

Loss of income due to injury or illness will trigger a benefit to be paid.

It will pay a benefit only if the insured is unable to work after the injury or illness occurs.

It will pay a benefit even if the insured is still able to work full time after the injury or illness occurs.

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Question 3 of 7

3. Question

For which definition of total disability is it easier for the insured to qualify for benefits?

Own occupation

There is no difference

Any occupation

Usually any occupation, but not always since it depends on how old the insured is

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Question 4 of 7

4. Question

Compared to an any occupation policy, what is the advantage of having an own occupation policy?

With an any occupation policy, the insured will receive a benefit if he or she is unable to perform the duties of his or her own occupation.

With an own occupation policy, the insured will receive a benefit if he or she is unable to perform the duties of his or her own occupation.

With an own occupation policy, the insured will receive a benefit only if he or she is unable to perform the duties of any occupation for which the insured is reasonably qualified based on education or experience.

With an any occupation policy, it is generally easier to qualify for benefits.

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Question 5 of 7

5. Question

Which of the following is a condition that automatically qualifies the insured for total disability benefits regardless of whether he or she can work?

Any occupation disability

Occupational disability

Recurrent disability

Presumptive disability

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Question 6 of 7

6. Question

Why is disability income insurance very important?

The disability of a person can result can in serious financial hardship to the person’s family—often more serious than death.

It will pay even if the claim is fraudulent.

It will pay a benefit even if the insured is able to perform the duties of his or her own occupation.

It will pay a benefit even if the insured is not considered to be disabled.

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Question 7 of 7

7. Question

If a disability income policy covers occupational disabilities, the benefits are normally reduced by the amount of benefits provided by what?

Life insurance

Homeowners insurance

Workers’ compensation and/or Social Security

Medical expense insurance

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Qualifying for Benefits

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