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Disability Overhead Expense
When you're disabled and your income is drastically reduced or
stopped, you still have to face your continuing overhead
expenses—rent, bills, salaries, and more. In order for your practice
or business to stay open, you must continue to pay for these ongoing
expenses. Blauch and Associate's Disability Overhead Expense
coverage is designed to reimburse a business owner for covered
overhead expenses which continue during a total or partial
disability.
Non-Cancellable and Guaranteed Renewable
The Disability Overhead Expense policy is guaranteed renewable upon
timely payment of the premium to the first policy anniversary after
the Insured's 65th birthday. During that period, the policy can
neither be canceled nor have its terms or premiums changed by the
Company.
Beginning Date
Disabilities are not always measured in consecutive days. Blauch and
Associates allow an extended period of time to accumulate days of
total or partial disability toward the Beginning Date of benefits.
Days of disability due to different causes will be accumulated to
satisfy the Beginning Date.
Total Disability
If the Insured is totally disabled, he or she is unable to perform
the principal duties of his or her regular occupation. If one or
more principal duties can be performed, the Insured is not totally
disabled and may qualify as partially disabled.
Partial Disability
Partial disability occurs when:
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The Insured is unable to perform
one or more, but not all, of the principal duties of the regular
occupation. The Insured is unable to spend as much time at the
regular occupation as before the disability.
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Due to the disability, the
Insured's Covered Overhead Expense for the month is more than
the total income for the month by at least $200.
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The Insured is gainfully employed
in an occupation.
Aggregate Benefit Amount
There is no limitation on the length of time benefits can be paid.
However, the Aggregate Benefit Amount specifies the maximum amount
payable to the Insured while disabled from an injury or illness for
both total and partial disability.
Carryforward of Unused Benefits and Expenses
Unused benefits and expenses can be carried forward for use in
future months during the same disability.
Waiver of Premium
Premiums are waived which become due on the policy while the Insured
is totally or partially disabled if the disability lasts beyond the
Beginning Date.
The
Company will continue to waive premiums after the Aggregate Benefit
Amount has been paid if the Insured is totally disabled and is not
gainfully employed in any occupation. Premiums will also be waived
if the Insured is partially disabled and is not gainfully employed
in any occupation other than his or her occupation.
The
Waiver of Premium Benefit is subject to limitation while the Insured
is outside the United States.
Presumptive Total Disability Benefit
You are automatically considered totally disabled for specified
disabilities. This benefit starts with the date of the loss, not the
Beginning Date, and is payable for as long as the loss continues
until the Aggregate Benefit Amount has been paid. Presumptive
disability benefits are payable even if you are able to work.
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