How to Insure Your Income: Key Concepts and Definitions Introduction

To understand income insurance fully, you need to understand the language and jargon. Insurance is, in general, an industry that relies heavily on jargon and technical language to express relevant concepts. This chapter explores some basic definitions and concepts regarding traditional forms of income insurance.

An understanding of each of these terms is important because, as a consumer, you must be able to understand how the policy will work if you become disabled. Benefits will be paid in accordance with the policy's terms and conditions.