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Loss-of-Income Insurance |
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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 activites, 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| This disclosure is required when the amount borrowed in a refinancing includes premiums or other charges for credit life, accident, health, or loss-of-income insurance, or debt-cancellation coverage (whether or not the debt-cancellation coverage is insurance under applicable law) that provides for cancellation of all or part of the consumer's liability in the event of the loss of life, health, or income or in the case of accident. Loss-of-income insurance can pay for ongoing expenses while your business is shut down or not in full operation. |
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