ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is Disability Insurance? Disability insurance, as the name implies, is a sort of insurance that pays out if a policyholder is unable to work and earn an income due to a disability. In case of an accident or disease, such a policy can protect you financially if you become disabled as a result of it.

Detailed explanation-2: -Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

Detailed explanation-3: -Total Permanent Disability (TPD), is a state where a person is unable to work due to prolonged illness or bodily injuries because of an accident. For example, loss of limbs, eyesight, or speech. Opting for a TPD insurance cover can support your family and loved ones in such adverse times.

Detailed explanation-4: -Disability benefits refers to money available from the government for people with disabilities. These benefits are available under Title II of the Social Security Act as Social Security Disability Insurance (SSDI), and under Title XVI of the Social Security Act as Supplemental Security Income (SSI).

Detailed explanation-5: -Disability insurance provides risk coverage for the lost income due to failure to work in case of any permanent or temporary disability. This kind of insurance helps in providing a part of your lost income along with the medical expenses, if you happened to meet with an accident that led to disability.