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Own occupation

Insurance contract provision that allows policyholders to collect benefits if they can no longer work in their own occupation.

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  • Part of Speech: noun
  • Synonym(s):
  • Blossary:
  • Industry/Domain: Insurance
  • Category: Life insurance
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Related terms

own occupation
Insurance; Life insurance

Insurance contract provision that allows policyholders to collect benefits if they can no longer work in their own occupation.

own occupation (own occur)
Health care; General

Under this definition, an employee will be considered disabled only if s/he is unable to perform the duties of his or her occupation.

total disability (own occupation)
Health care; General

This means you are unable to perform your own occupation for any employer. It may occur because of illness or injury.

occupation
Labor; Labor statistics

A set of activities or tasks that employees are paid to perform. Employees that perform essentially the same tasks are in the same occupation, whether or not they work in the same ...

occupation
Games; Chess

A Rook or Queen that controls a file or rank is said to occupy that file or rank. A piece is said to occupy the square it is sitting on.

occupation
Mining; General mining; Mineral mining

As used in the mining law, it is equivalent to possession, and the right to locate is included in the right to occupy, and incident to a location is the right of possession; but ...

Lloyd's
Insurance; Life insurance

Generally refers to Lloyd's of London, England, an institution within which individual underwriters accept or reject the risks offered to them. The Lloyd's Corp. provides the ...

Lloyds organizations
Insurance; Life insurance

These organizations are voluntary unincorporated associations of individuals. Each individual assumes a specified portion of the liability under each policy issued. The ...

National Association of Insurance Commissioners (NAIC)
Insurance; Life insurance

Association of state insurance commissioners whose purpose is to promote uniformity of insurance regulation, monitor insurance solvency and develop model laws for passage by state ...

dividend
Insurance; Life insurance

The return of part of the policy's premium for a policy issued on a participating basis by either a mutual or stock insurer. A portion of the surplus paid to the stockholders of a ...

earned premium
Insurance; Life insurance

The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim. A three-year policy that has been paid ...

elimination period
Insurance; Life insurance

The time which must pass after filing a claim before policyholder can collect insurance benefits. Also known as "waiting period."

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