Class Notes (859,842)
CA (520,906)
UW (18,876)
MTHEL (112)
MTHEL 131 (112)
David Kohler (107)
Lecture

Lesson 9

3 Pages
246 Views

Department
Mathematics Electives
Course Code
MTHEL 131
Professor
David Kohler

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Description
Lesson 9 Definition of disability: 1. Own Occupation - Most liberal - Pays if unable to perform essential duties of your own occupation - Continues to pay even if you find another occupation within your specialty - Ex. pays if brain surgeon develops twitch 2. Regular Occupation - Pays if unable to perform essential duties of your own occupation - Continues to pay even if you find another occupation within your specialty BUT the amount is reduced, depending on how much your new job pays - Ex. brain surgeon develops twitch, becomes teacher. The insurance company would pay agreed upon benefit amount, less the amount of your teaching salary 3. Any Occupation - Pays if unable to perform essential duties of your own occupation OR of any other occupation (within your specialty) - Ex. doesn’t pay if brain surgeon develops twitch because he can do other things such as consultations, research, etc. - Pays while insured finds new job, but stops even if new job is not found within a certain time period 4. Your claim for disability will be approved if your disability is severe, prolonged, and most likely to result in death Taxes on Disability Benefit - If you pay the premiums yourself, the benefit is tax-free - If someone else pays your premiums (i.e. Employer), the benefit is taxable  Even if employer only paid a portion of the premium, the entire benefit is taxable Employer Group Benefits Package can include: - Dental insurance - Health insurance (prescription drug) - Outside of country health insurance - Life insurance - Disability insurance
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