What does Residual Benefits mean? Read on to discover the definition & meaning of the term Residual Benefits - to help you better understand the language used in insurance policies.
Residual benefits provide a percentage of a policyholder's benefits if they become disabled due to health issues. These are monthly benefits that are paid until the injured or sick party is able to work again. Depending on the company, employees may even be able to obtain the benefits when they work part time.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Residual Benefits. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: