Loss-of-income insurance

(redirected from Loss of Income Insurance)

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 ?
Using the Grab app, drivers will be able to select different insurance options to protect their vehicles, their livelihoods and, ultimately, even their families, with access to loss of income insurance, per-ride schemes, personal accident policies and motor insurance.
As the landlord will be required to cease charging rent for the period the premises cannot be occupied, the landlord may wish to obtain loss of income insurance.
What happens when a company has no past history on which to base its loss of income insurance claim?