Jeff currently earns $3,000 per month. He has an individual disability-income policy that will pay $2,000...
Jeff currently earns $3,000 per month. He has an individual disability-income policy that will pay $2,000 monthly if he is totally disabled. Disability is defined in terms of the worker’s own occupation. The policy has a 30-day elimination period and also provides residual disability benefits. Benefits are payable until age 65.
- If Jeff is severely injured in an auto accident and cannot work for 4 months, how much will he collect under his policy?
- Assume Jeff returns to work but can work only part time until he recovers completely. If he earns $1,500 monthly, what is the amount, if any, that Jeff can collect under his policy? Explain your answer.
Homework Answers
1. 2000 x 3 = 6000
jeff will collect 6000
2. 2000 x 50% = 1000
1500+1000 =2500
jeff will take 2500 /mo
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