Renewability • Definitions of Disability • Pre-Existing Conditions • Elimination Period • Benefit Period
Disability insurance policy renewability provisions govern the insurer’s ability to cancel coverage or increase its premium. The most insured protection is provided by coverage that is noncancellable and guaranteed renewable. Disability definitions may vary greatly from insurer to insurer and may consider the insured totally disabled when unable to do his or her own job, or may require that the insured be unable to perform the duties of any job.
The principal disability insurance exclusions and limitations refer to pre-existing conditions, acts of war, and the insured’s service in the armed forces. These provisions may limit the insurer’s liability for the insured’s disability or may eliminate it altogether.