Personal risks and insurance

800-1000 words

Part 1

Explain the various definitions of disability that are found in disability-income insurance.
Explain the following disability insurance income provisions:
- Residual disability
- Benefit period
- Elimination period

Part 2

A common method of determining the amount of life insurance life insurance to purchase is called the needs approach. Explain the following needs for a head of the household:
- Income needs
- Special needs
- Cash needs
Explain the capital retention approach for determining the amount of 410 life insurance owned.
Briefly explain the characteristics of the following types of managed care plans:
- Health maintenance organization (HMO) plans
- Preferred provider organization (PPO) plans
- Point-of-service (POS) plans