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hdf review - Disability Income Insurance Can you do...

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Disability Income Insurance Can you do disability income problems like those in the PowerPoint lecture notes, homework assignment, and old test questions posted on Blackboard? What is the purpose of disability income insurance? To provide weekly and monthly payments to replace income life while the insured is disabled Are young people more likely to die prematurely or become disabled?disabled Why is it important to understand the definition of disability as stated in your policy? What are the most common definitions of disability? Which are better for the policyholder? It depends on the policies def. of disability…unable to do own work, unable to work at all What is the waiting or elimination period? How is it like a deductible? Period of time between which the insured meets requirements and begins to receive benefits… during this period he must pay for long term expenses…it is similar to a deductible because you are liable for more during this time What is the percentage limit of disability income that a company will provide in coverage? What is the most common percentage in policies issued now? 40-80 percent, 60 percent What is the definition of disability under Social Security? What is the waiting period under Social Security? How is eligibility established, especially for young people? Completely unable to work, 6 month waiting period….if less than 24 years of age, 6 qtrs of coverage out of 3 years required What are the steps to follow to calculate disability income benefits? What is a residual rider? …a cost-of-living rider? …a Social Security / Worker’s Compensation rider Why are these important features to have in a disability policy? Residual rider-provides partial benefits What are the sources from which an individual might be able to secure disability income insurance? What are the positive and negative aspects of these sources? What are the features of a good disability income insurance policy? What are changes occurring now to policies? Longer duration of benefits,(note card) Why does a longer duration of benefits trump a shorter waiting (elimination) period? How are these related? Why do so many people not purchase this type of insurance coverage even when it is offered at group rates through an employer-sponsored plan? Health Insurance Can you do health insurance problems like those in the PowerPoint lecture notes, homework assignment, and old test questions posted on Blackboard? What percentage of U.S. GDP goes to health costs? What are some of the major causes of rising health care costs?
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What are some important features of the medical insurance reforms recently enacted? Why were the reforms needed? How are these specific reforms being phased in? What are some of the positives and negatives that have made this new law so controversial?
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