A benefit paid to a policy holder of disability insurance in the event that the holder incurs a loss of income due to a covered disability. It is calculated by a predefined formula stated in the insurance policy and is generally a percentage of the assured total benefit. In the event of continued disability and the inability to earn income, the residual benefit may be paid up to the extent of the maximum benefit period as stated in the policy.
Related information about residual benefit:
- What is residual benefit? definition and meaning
Definition of residual benefit: A benefit paid to a policy holder of disability insurance in the event that the holder incurs a loss of income due to a covered ...
- Residual Disability Benefit | ProtectYourIncome.com
These policies will pay a residual benefit based solely on the percentage of income lost due to a sickness or injury without any requirement of having been ...
- Residual Benefit Law & Legal Definition
In disability insurance, a benefit paid when the policy holder suffers a loss of income due to a covered disability or if loss of income persists. The residual benefit ...
- Residual Benefit | USA Coverage
Many companies offer disability coverage as a part of health insurance, which is referred to as a residual benefit, in order to help them through an illness.
- Residual Benefit for Disability Insurance | Partial Recovery
Residual Benefit for Disability Insurance | Partial Recovery Disability insurance is purchased to protect your income in the event of a permanent o...
- LLQP Student newsletter - April 2012
Disability Insurance- Residual Benefit. When I am teaching the Foran LLQP exam preparation seminar and the topic turns to disability insurance and residual ...
- 18.5 External residual fringe benefits - Australian Taxation Office
Jul 3, 2012 ... The taxable value of a residual fringe benefit is the goods and services tax (GST)- inclusive value of the residual benefit (determined according ...
- Glossary of Disability Insurance Terms
Under the residual disability provision, the minimal residual benefit provision typically stipulates that during the first six months of disability, the insured must be ...