YOU ASK:
What is the definition of Residual Disability?
WE ANSWER:
Residual Disability refers to the condition where the insured person is not suffering from total disability. However, the insured person still cannot function 100% - he cannot perform the functions that he used to do prior to his injury or sickness. Or, he can do all the functions but not only on a part-time basis.
This is contrasted with total disability, where the injured person is unable to completely and continuously perform the necessary functions that are expected for him to do.
Residual disability will most commonly result in a decrease in a person's income. This can be protected against with the use of residual disability insurance.
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More insurance terms around residual disability:
- Residual Market
- Retention
- Retrocession
- Retrospective Rating
- Return on Equity
- Revocable Beneficiary
- Rider
- Risk
- Risk Management
- Risk Retention Groups
- Residual Disability Insurance
- Reserves
- Repurchase Agreement / Repo
- Replacement Cost
- Renters Insurance
- Renewable Term Insurance Policy
- Relation of Earnings to Insurance Clause
- Reinsurance
- Reinstatement
- Registered Representative