DEFINITION of 'Any-Occupation Policy'

A term used in the insurance industry to refer to a specific definition of disability when writing disability insurance policies. If you get into an accident that restricts you from working, you would be considered disabled, but disability insurance policies have specific definitions in order to qualify for the benefits. The "any occupation" definition is the stricter definition of disability, where you are unable to work in a job that is reasonably suitable for you based on such things as education, experience and age.

BREAKING DOWN 'Any-Occupation Policy'

The other common definition of disability is the "own occupation" classification. This definition considers you disabled if you are unable to perform the same job that you worked prior to the accident. For example, if you were a surgeon and you injured your hands, you would be considered disabled under the "own occupation" definition.

RELATED TERMS
  1. Disability Insurance

    A program managed by the Social Security Administration that ...
  2. Total Permanent Disability (TPD)

    A condition in which an individual is no longer able to work ...
  3. Disability Insurance Trust Fund

    An account within the Social Security Trust Fund used to pay ...
  4. Elderly and Disabled Credit

    A non-refundable tax credit available for taxpayers who are aged ...
  5. Payment Protection Plan

    An optional service that lets a disabled or unemployed consumer ...
  6. Americans with Disabilities Act ...

    Legislation that became effective January 1, 2009 that expands ...
Related Articles
  1. Financial Advisor

    Advising FAs: Explaining Disability Insurance to a Client

    Disability is a very critical type of insurance that most individuals should consider carrying. When it comes to your personal finances, long-term disability can have a devastating effect if ...
  2. Insurance

    The Disability Insurance Policy: Now In English

    Learn to translate this complicated policy so you can rest assured you're covered.
  3. Insurance

    Choosing The Best Disability Insurance

    Social Security benefits can be hard to collect. Find out why you need disability insurance to protect your income, and learn how to choose the right policy for you.
  4. Managing Wealth

    Tips for Insuring Your Salary

    Those with high incomes really can’t afford to be without disability insurance. Here's why.
  5. Financial Advisor

    How to Help Clients Who Have Become Disabled

    Disability can strike a client any time. Advisors should make sure clients are adequately insured against this risk and know what benefits are available.
  6. Retirement

    Do You Qualify for Social Security Disability?

    When it comes to qualifying for Social Security Disability Insurance, you either do or you don’t. Here's how to find out if you do and how to apply.
  7. Managing Wealth

    Top 6 Features Of A Great Disability Policy

    Many people consider buying life insurance, but few think to prepare themselves from long-term illness or disability. Find out how to shop for disability insurance and protect yourself from financial ...
  8. Insurance

    Group and Individual Disability Insurance: What You Need to Know

    What you need to know about group and individual disability income coverage.
  9. Financial Advisor

    Disability and Business Overhead Coverage for the Self-Employed

    What every small business owner or professional needs to know about individual and business overhead disability income insurance plans.
  10. Financial Advisor

    Top 3 Financial Steps to Take on Disability

    Going on disability can be a stressful time financially. Here are 3 steps to take on disability to help protect against significant financial blowback.
Hot Definitions
  1. Book Value

    1. The value at which an asset is carried on a balance sheet. To calculate, take the cost of an asset minus the accumulated ...
  2. Dividend Yield

    A financial ratio that shows how much a company pays out in dividends each year relative to its share price.
  3. Fixed-Income Security

    An investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity. ...
  4. Free Cash Flow - FCF

    A measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents ...
  5. Leverage Ratio

    Any ratio used to calculate the financial leverage of a company to get an idea of the company's methods of financing or to ...
  6. Two And Twenty

    A type of compensation structure that hedge fund managers typically employ in which part of compensation is performance based. ...
Trading Center