Disability Insurance – A Glossary for Terms Used in Quotes
Posted by Tom Carolan on Tue, Dec 15, 2009 @ 01:17 PM
When you get an
online disability insurance quote you will need to understand
several insurance related terms in order to fully comprehend the details of the quote. By understanding these terms you can ensure that you will get the right insurance for you. You do not want to be confused by the language used in
disability insurance quotes or by insurance agents.
Beneficiary - A beneficiary is the person named in your insurance contract. Depending on the policy you purchase, family members of the beneficiary may also be able to collect from the same insurance if the person becomes disabled.
Credit Inquiry - Insurance providers frequently run credit checks on clients before agreeing to insure them. The credit investigation they conduct is referred to as a credit inquiry. Remember that each of these inquiries makes your credit score go down. Your premiums are sure to increase if insurance companies see high medical bills or bankruptcy as part of your credit history.
Disability Benefit - This is the total that an insurance company will pay to an individual in the event that they become disabled.
Disability Insurance - This type of insurance covers you if you can no longer earn any income as a result of sickness or injury. In some countries, worker's compensation works together with disability insurance.
Disability Insurance Quote - When an insurance provider offers you a price for a certain policy before you buy it, it is called a quote.
Disability Insurance Premium - The amount your insurance company charges you monthly is called your premium.