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Fundamentals of Risk and Insurance, 11th Edition by Therese M. Vaughan, Emmett J. Vaughan

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CHAPTER OBJECTIVES

When you have finished this chapter, you should be able to

  • Compare the severity of the risk of disability and the risk of premature death
  • Describe the nature of disability income insurance and differentiate among the various types of disability income insurance contracts
  • Identify and contrast the alternative definitions of total disability
  • Identify ways in which benefits are provided for partial disabilities
  • Explain how the maximum benefit period and the waiting period affect the cost of a disability income insurance policy
  • List and explain the common continuance provisions of individual health insurance contracts and identify the uniform provisions
  • Explain the way in which disability income needs can be estimated and how disability income insurance can be integrated with social insurance benefits

Few areas of insurance are as confusing to the average individual as health insurance. One reason for this is the bewildering number of health insurance contracts available. Health insurance is a generic term, encompassing several types of insurance contracts that, although related, protect against different risk types. Until recently, little agreement existed on health insurance terminology. It was called accident insurance, health insurance, accident and health insurance, accident and sickness insurance, and disability insurance, all of which are gradually yielding ...

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