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 ?
The menu of optional riders available with the company's new disability product includes a noncancelable policy rider, an own-occupation definition benefit rider and a catastrophic disability rider.
At the very top of the list in importance is the definition of disability, which should give participants maximum protection by specifically covering them in their own-occupation for partial and total disability.
Here, Karin Larrave, Financial Representative of Northwestern Mutual, flushes out the doubts associated with Own-Occupation disability insurance.
At the very top of the list, is the definition of disability, which should give participants maximum protection by specifically covering them in their own-occupation for partial and total disability.
V, now age 52, purchased an own-occupation, long-term disability insurance policy during the 1980s, when he was a medical resident associated with a large teaching hospital.
There are two basic kinds of DI insurance available: Income Replacement and Own-Occupation (often referred to as "own-occ").
In the early 1990s, many insurance carriers stopped offering own-occupation contracts altogether because they were too broad and, therefore, the risk for claims too high.
Saldi's bad-faith claim centers on the type of policy he purchased--a non-cancelable, guaranteed renewable, own-occupation disability policy.
The best policies pay out if you cannot do your current job - so-called own-occupation policies.
If I'm injured and unable to drive or use my hands, my own-occupation policy will pay benefits, even if I could work as a telemarketer.