Economics 1021A/B Lecture Notes - Lecture 8: Social Security Disability Insurance, Disability Insurance, Waiting Period

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Emilie Rivers

Document Summary

Individual disability insurance the problem of poor health (disability. Extended period of disability can lead to economic insecurity because: Person may continue to incur medical and other expenses. Unless person has substantial savings or disability coverage, economic insecurity will soon be the result. Disability can be more financially debilitating on a family than death. Employer plans short term disability and long term disability insurance. Government plans cpp, worker"s compensation, unemployment insurance. Few people have insurance coverage for disability (1/4 workers have private disability income coverage) Many people believe that: losing one"s income is not likely to happen, or if disability occurs, recovering will be swift and complete. Disability insurance definitions: accidental bodily injury, the old definition of injury was dealt with under an accidental means clause: a. i. For bodily injury to be a covered loss, bot h the cause of the injury and the result ust be unforeseen or unexpected a. ii.