Loss-of-income insurance

(redirected from Loss of Income)

Loss-of-income insurance

Insurance coverage that will pay out income that a policyholder loses as a result of a disability, injury, or business disruption.

Loss-of-Income Insurance

Insurance that covers the interruption of a policyholder's business activities, whether in whole or in part. A policy may cover loss of income from the cessation of business activities due to an act of God, such as a tornado or a hurricane, or a foreseeable incident. Likewise, it may cover partial interruption of activities, such as a situation in which an employee's long-term injury results in a loss of production. Loss-of-income insurance may also refer to personal insurance providing income for a person's disability or long-term illness.
References in periodicals archive ?
According to Prudential, employees who attend financial wellness programs learn about the risk of outliving one's assets in retirement, yet many of them underestimate three more immediate risks-loss of family income due to a premature death, loss of income due to illness or injury, and out-of-pocket health care and other expenses-which could cripple their financial outlook.
Contract notice: Cnp - neuchatelois psychiatric centre - health insurance loss of income
This way, if you have to close your doors temporarily you are covered for the loss of income.
Income Protection Insurance protects you against loss of income due to an accident, sickness or unemployment.
In their Counting the Cost report released earlier this year, Macmillan cancer support found that a loss of income is one of the greatest financial implications for people diagnosed with cancer.
MANY stroke survivors experience a loss of income, a negative impact on their work and an increase in their expenses, according to a report into the financial impact of having a stroke.
The loss of income and the extra costs of caring for Sophie at home in Sowerby Bridge, near Halifax, West Yorkshire, mean they face having their home repossessed by lending company Kensington.
Similarly, business owners found they had no coverage for loss of income when civil authorities closed off their flooded neighborhoods, preventing their customers from reaching them.
Adding loss of income and extra expenses coverage provides protection should the business be forced to suspend operations due to property damage, while receiving ongoing operating expenses incurred during the restoration of the business.
Where NZNO members who are assessors on an NZNO bargaining team are required to take leave without pay from their paid employment, NZNO shall reimburse the member for the loss of income, subject to the member providing evidence of their loss.
The drivers want a pay rise to compensate for loss of income caused by an EU directive limiting overtime.
To be eligible, applicants must demonstrate a loss of income not covered by paid sick leave or some other form of compensation arising from employment.