保险学原理chapter7

SupplementaryBenefitsChapterOutlineSupplementaryDisabilityBenefitsAccidentBenefitsAcceleratedDeathBenefitsBenefitsforAdditionalInsuredsInsurabilityBenefitsSupplementaryDisabilityBenefitsWaiverofPremiumforDisabilityBenefitsWaiverofpremiumforpayorBenefitsDisabilityincomebenefitsWaiverofPremiumforDisabilityBenefitsTheinsurerpromisestogiveupitsrighttocollectrenewalpremiumsthatbecomeduewhiletheinsuredistotallydisabled.WhatisTotalDisability?Theinsured’sinabilitytoperformtheessentialactsofherownoccupationoranyotheroccupationforwhichsheisreasonablysuitedbyeducation,training,orexperience.WaiverofPremiumforDisabilityBenefitsIfthepolicyistheonethatbuildscashvalue,thecashvaluewillcontinuetoincreasejustasifthepolicyownerpaidthepremium.Inthecaseofaparticipatingpolicy,theinsurancecompanycontinuestopaypolicydividendsasifthepolicyownerwerepayingpremiums.WaiverofPremiumforDisabilityBenefitsSomelimitscontain3-6monthswaitingperiods.Beavailabletocoveronlydisabilitiesthatbeginduringaspecifiedagespan.Theintervalatwhichpremiumpaymentsareduecannotbechanged.Excludesomerisksfromrider’scoverageWaiverofPremiumforPayorBenefitIsdesignedforthird-partypolicies,suchasjuvenileinsurancepolicies.Ajuvenileinsurancepolicyisapolicythatisissuedonthelifeofachildbutisownedandpaidforbyanadult,usuallythechild’sparentsorlegalguardian.WaiverofPremiumforPayorBenefitDefinitiontheinsurancecompanywaiveitsrighttocollectapolicy’srenewalpremiumsifthepolicyowner-thepersonresponsibleforpayingpremiums-diesortobecomestotallydisabled.DisabilityIncomeBenefitProvidesamonthlyincomebenefittothepolicyowner-insuredifshebecomestotallydisabledwhilethepolicyisinforce.Themonthlyincomebenefitisastatedamount.DisabilityIncomeBenefitExamplePaxtonHaymeswasthepolicyowner-insuredofa$150,000lifeinsurancepolicythatincludedadisabilityincomebenefitrider.Theriderstatedthat,ifPaxtonbecometotallydisabled,thentheinsurancecompanywoldpayhimamonthlybenefitof$10per$1000oflifeinsurancecoverageduringtheperiodofdisability;theincomebenefitwouldbeginthreemonthsaftertheonsetofadisability.whilethepolicywasinforce,Paxtonbecamedisabledasdefinedinthedissabilityincomebenefitrider.Twoyearslater,hediedasaresultofhisdisability.DisabilityIncomeBenefitAnalysisthreemonthsafterhebecamedisabled,Paxtonbecameeligibletoreceiveadissabilityincomebenefitof1500permonth.uponPaxtondeath,thepolicy’sdeathbenefitbecamepayabletothenamedbeneficiary.AccidentBenefitsAccidentalDeathBenefitDismembermentBenefitAccidentalDeathBenefitsIftheinsureddiesasaresultofanaccident,theinsurancecompanywillpaythenamedbeneficiaryanamountofmoneyinadditiontothebasicdeathbenefitprovidedbythelifeinsurancepolicy.Thisadditionalsumisoftenequaltothepolicy’sfaceamount.Exclusionsandsomelimitations:DismembermentBenefitTheinsurerwillpayastatedbenefitamountifanaccidentcausestheinsuredtolosetwolimbsorsightinbotheyes.AcceleratedDeathBenefitsProvidethatapolicyownermayelecttoreceiveallorpartofthepolicy’sdeathbenefitbeforetheinsured’sdeathifcertainconditionaremet.TerminalillnessbenefitDreadDiseaseBenefitlong-termcarebenefitTerminalillnessbenefitIsabenefitunderwhichtheinsurerpayaportionofthepolicy’sdeathbenefittoapolicyowneriftheinsuredsuffersfromaterminalillnessandhasaphysician-certifiedlifeexpectancyof12monthsorless.DreaddiseasebenefitTheinsureagreestopayaportionofthepolicy’sfaceamounttoapolicyowneriftheinsuredsuffersfromoneofanumberofspecifieddiseases.Long-termbenefitIspayableasamonthlybenefittoapolicyowneriftheinsuredrequiresconstantcareamedicalcondition.BenefitsforadditionalinsuredsSpouseandChildren’sinsuranceriderchildren’sinsuranceridersecondinsuredriderInsurabilitybenefitsGuaranteedinsurabilitybenefitpaid-upadditionsoptionbenefit