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 ?
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.
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").
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.
For the past three decades, PFS has provided own-occupation coverage to clients with unique skills and talents.
Definition of total disability: Generally speaking, all definitions, terms and conditions in an individual policy are more liberal and can provide a true own-occupation definition of total disability (e.
Benefits included short elimination periods, high replacement ratios, high maximums, extended own-occupation and specialty definitions, cost-of-living adjustments and so on.
RiverSource Income Protection Plus also offers two other policy options with own-occupation periods of two years or five years.
Standard Insurance, like many companies in the industry, has improved contract language regarding own-occupation specialty definitions for occupations such as medicine and law.