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 ?
Four basic factors figure into the loss-of-income equation.
Income earned by the business after the disaster reduces the client's loss-of-income claim.
Extraordinary expenses incurred by the business as a result of the disaster increase the loss-of-income claim.
In most cases, the insurance adjuster is more likely to question the loss-of-income claim than he or she is to question the property damage claim.
Another area often overlooked by directors is loss-of-income and extra expense insurance.
Extra expense insurance is usually written in conjunction with loss-of-income coverage.