What is the Definition of Income Protection Insurance?

What is the Definition of Income Protection Insurance?

A type of disability income coverage that provides an income benefit both, while the insured is totally disabled and unable to work and while he is able to work, but because of a disability, is earning less than he earned before being disabled. Also known as residual disability insurance.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Income Protection Insurance?

What is the Definition of Income Protection Insurance?

You can find random definition and meaning of insurance terms below:


Meaning of Internet Insurer in Insurance Terms

An insurer that sells exclusively via the Internet.


Meaning of Internet Liability Insurance in Insurance Terms

Coverage designed to protect businesses from liabilities that arise from the conducting of business over the Internet, including copyright infringement, defamation and violation of privacy.


Meaning of Investment Income in Insurance Terms

Income generated by the investment of assets. Insurers have two sources of income, underwriting (premiums less claims and expenses) and investment income. The latter can offset underwriting operations, which are  frequently unprofitable.


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