Residual Benefit Law and Legal Definition
In disability insurance, a benefit paid when the policy holder suffers a loss of income due to a covered disability or if loss of income persists. The residual benefit is calculated on the basis of a formula specified in the insurance policy. Generally, it is a percentage of the assured total benefit, such as 20%. In certain circumstances, some of the best insurance policies may offer a flat dollar minimum, payable even if the loss is less than 20% of pre-disability income. This residual benefit may be paid up to the extent of maximum benefit period.
Legal Definition list
- Residential Use or Residential Load
- Residential Treatment Facility [Juvenile Law]
- Residential Substance Abuse Treatment Program
- Residential Structure
- Residential Solid Waste
- Residual Benefit
- Residual functional capacity
- Residual Income
- Residual Interest
- Residual Parental rights, Privileges, and Responsibilities
- Residual Radioactive Material
