Own-occupation policy

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Own-Occupation Policy

An insurance policy that pays benefits to the policyholder if he/she becomes unable to perform work for which he/she is qualified. For example, if a dictionary writer's hands fall off, he likely would be eligible for the benefits of an own-occupation policy because he would be unable to write definitions for the dictionary. Some own-occupation policies pay benefits if the policyholder becomes unable to perform his/her current job, while others only do so if he/she is unable to do any job that he/she would otherwise be able to do.

Own-occupation policy.

If you purchase an own-occupation disability insurance policy, you are entitled to receive benefits if a disability prevents you from performing the skilled work for which you have been trained.

Some other disability policies pay a benefit only if you are unable to do any type of work for which you're qualified.

References in periodicals archive ?
Disadvantage: The insurance industry is moving away from offering the more narrowly defined own occupation policies, and as such, own occupation coverage may be more difficult to find.
While own occupation policies are appropriate for the majority of clients, finding such a policy is becoming increasingly difficult.
Joseph Foley, senior vice president of marketing development and communications for UnumProvident, said the company took the lead in changing the own occupation policies.