Define: Disability Insurance

UK Accounting Glossary

Definition: Disability Insurance



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Full Definition of Disability Insurance


Disability insurance is an insurance policy that pays supplemental income benefits in the event that the insured person (policyholder) becomes incapable of working his or her job. The incapacity that necessitates disability insurance may be illness, accident, or another trigger; the policy spells out what constitutes a trigger. Benefits from a disability insurance policy will vary according to the coverage selected, as will the definition of disability; policyholders usually aim to receive enough benefits from their disability insurance to let them continue their standard of living and meet their usual expenses. Although Social Security provides a form of disability insurance, it is much more difficult to meet its requirements for disability than it is with a private disability insurance policy.


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https://payrollheaven.com/define/disability-insurance/
Modern Language Association (MLA):
Disability Insurance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 25, 2020 https://payrollheaven.com/define/disability-insurance/.
Chicago Manual of Style (CMS):
Disability Insurance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/disability-insurance/ (accessed: February 25, 2020).
American Psychological Association (APA):
Disability Insurance. PayrollHeaven.com. Retrieved February 25, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/disability-insurance/

Definition Sources


Definitions for Disability Insurance are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th February 2020.