Any occupation disability- A disability where you are unable to perform the duties of any occupation, including their customary occupation. (See "Own Occupation")
Benefit Period-The length of time a policy will pay benefits to the insured.
Elimination Period-The length of time an individual must be disabled before they will start receiving disability benefits.
Guaranteed-renewable-A disability contract that can not be altered in any fashion as long as the insured pays his/her premiums. However it differs from non-cancellable because insurance premiums can be increased for an entire class. This type of policy essentially means that benefit amounts, qualification and elimination periods, classification of disabilities, and your right to retain coverage can not be altered. However, premiums may increase if done so accross the board for every one in your insurance class.
Integrated benefits-Where the total benefits received from all sources, Social Security, State governments, etc. are used to determine a maximum benefit amount. For example if you were eligible for a $3,000 integrated disability benefit, and you receive $1,300 in disability payments from the SSA and workman's comp, then your insurance company would give you a $1,700 benefit($3,000-$1,300).
Long-term Disability-Policies where the benefit period extends to retirement age, usually 65.
Non-cancellable- A disability contract that can not be altered in any fashion as long as the insured pays his/her premiums. Non-cancellable contracts are usually renewable to age 50 or for at least five years if insured is over the age of 44. Essentially, non-cancellable means that insurer can not raise the stated rates in the contract. Please note: the annual premiums in the contract will increase over time as the applicant gets older but the rates are stated in the contract.
Own occupation disability-A disability where you can no longer perform the duties of the occupation you are suited for by training and experience.
Residual Disability Policies-after a period of total disability if an individual experiences at least a 20% decline in pre-disability income the residual disability policy pays the insured a proportional benefit of their loss of income due to their residual disability.
Short-term Disability-Policies where the benefit period extends for two years or less.
Taxability of Benefits-If an individual pays the disability insurance premiums with after-tax income then the benefits they receive are tax-free.
Total Disability- Definition varies from policy to policy, but it is a disability which prevents you from performing the duties of any occupation.