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. Waiver Of Premium For Disability ...

    A provision in an insurance policy that states that the insurance ...
  2. Disability Insurance

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

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

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

    A non-refundable tax credit available for taxpayers who are aged ...
  6. Own-Occupation Policy

    An insurance policy that covers individuals who become disabled ...
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. 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.
  4. 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 ...
  5. Insurance

    Group and Individual Disability Insurance: What You Need to Know

    What you need to know about group and individual disability income coverage.
  6. 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.
  7. Insurance

    5 Things You Need to Know About Disability Insurance

    It's important to understand the true value of your ability to earn income, and to make sure it's protected.
  8. 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.
  9. Personal Finance

    Why Having an Emergency Fund Is Essential

    Do you know how you’d pay the bills if you lost your job, had a health crisis or needed a major car repair? That's why an emergency fund is essential.
Hot Definitions
  1. Ex-Dividend

    A classification of trading shares when a declared dividend belongs to the seller rather than the buyer. A stock will be ...
  2. Debt Security

    Any debt instrument that can be bought or sold between two parties and has basic terms defined, such as notional amount (amount ...
  3. Taxable Income

    Taxable income is described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments ...
  4. Chartered Financial Analyst - CFA

    A professional designation given by the CFA Institute (formerly AIMR) that measures the competence and integrity of financial ...
  5. Initial Coin Offering (ICO)

    An Initial Coin Offering (ICO) is an unregulated means by which funds are raised for a new cryptocurrency venture.
  6. The Bernie Madoff Story

    Bernie Madoff ran a multibillion-dollar Ponzi scheme that is considered the largest financial fraud of all time.
Trading Center