What is the Definition of Residual Disability?

What is the Definition of Residual Disability?

In disability income insurance, a condition in which the insured is not totally disabled, but is still unable to function as before the sickness or injury, and therefore suffers a reduction in income of at least the percentage—typically 20 percent to 25 percent— specified in the disability income plan. Also known as partial disability.

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 Residual Disability?

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

What is the meaning of Universal Life Insurance

adjustable life insurance under which premiums and coverage are adjustable, company expenses are not specifically disclosed to the insured but a financial report is provided to policyholder's annually.

What is the meaning of Unpaid Losses

claims that are in the course of settlement. The term may also include claims that have been incurred but not reported.

What is the meaning of Valued Policy

an insurance contract for which the value is agreed upon in advance and is not related to the amount of the insured loss.

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