Own-Occupation Policy
 |
Definition of 'Own-Occupation Policy'An insurance policy that covers individuals who become disabled and are unable to perform the majority of the occupational duties that they have been trained to perform. This type of insurance policy is contingent on the individual being employed at the time the disability occurs.Also known as a "pure own-occupational policy". |
 |
Investopedia explains 'Own-Occupation Policy'Persons not working at the time of disablement will not be able to claim insurance under an own-occupation policy but, if they are covered under a modified own-occupational policy, they will. Under a modified policy, the definition of disabled includes persons not working at the time of their disablement. These types of insurance policies apply to highly trained individuals, such as surgeons.Because the definition on own-occupation is very flexible, persons covered under an own-occupation policy may find another job and still receive full benefit payments. |
Related Definitions
Articles Of Interest
-
9 Penalty-Free IRA Withdrawals
If you need to take early distributions, find out which exemptions allow you to avoid expensive consequences. -
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. -
The Disability Insurance Policy: Now In English
Learn to translate this complicated policy so you can rest assured you're covered. -
Long-Term Care Insurance: You Have Options
The latest offerings provide more coverage and the ability to pick and choose what types of coverage you'll need. -
What investments are available to someone with no earned income?
Disability income, such as income received by disabled veterans, is not considered "compensation" for the purpose of contributing to an IRA. However, all is not lost. You may invest your income ... -
What changes might I need to make to my insurance policy?
The number one thing to remember about insurance is that, just like everything else, it changes over time. The top-of-the-line policy that you bought five years ago might not even be available ... -
The Beginner's Guide To Homeowners' Insurance
Discover everything new homeowners need to know before they sign on the dotted line. -
Life Insurance Clauses Determine Your Coverage
Understanding these key parts of your policy will help you to ensure that your family will be covered. -
Why would you want a monthly benefit versus a daily benefit?
An insurance benefit is the amount of money paid to or on behalf of the policyholder. Depending on what kind of insurance policy the policyholder signs up for, the payments are made directly ... -
How do I choose which insurance company to use?
Picking an insurance company to use is not an easy task, considering the financial crisis of 2008 and 2009. Several financial institutions and insurance companies have gone out of business, merged ...
Free Annual Reports
