A personal automobile policy (PAP) provides comprehensive car insurance with multiple coverages, designed to replace the earlier Family Automobile Policy (FAP). It offers a wide range of protections including liability, medical payments, uninsured motorist coverage, comprehensive, collision, and several optional coverages.
Income provided under a disability policy, distinct from Workers' Compensation, usually expressed as a percentage of the insured's income prior to disability, with limits on the amount and duration of benefits.
Gainful Employment or Occupation refers to employment that is suited to the ability of the employed individual, enabling them to earn an income. In the context of disability covered by insurance, it generally pertains to the insured individual's ordinary employment or other employment that approximates the same livelihood, considering their circumstances and physical and mental capabilities.
Loss of income insurance provides coverage in property insurance for an employee’s lost income if a peril such as fire damages or destroys the place of employment, causing the worker to become unemployed. Additionally, in health insurance, it compensates for lost income when an insured becomes disabled and cannot work.
Partnership life and health insurance provide critical protection to maintain the value of a business in case of the death or disability of a partner. This insurance facilitates the transfer of a deceased or disabled partner's interest to the surviving partners based on a predetermined formula.
