A specimen policy is designed to give consumers an overview of certain insurance coverage in a general format. The wording found in these documents could be used in an authorized policy. All disability insurance policies must be underwritten in the end. An individual may discover that the insurance coverage is unavailable or that the policy will be issued in a modified form through underwriting.
They Are Meant to Be Educational
Please keep in mind that policies differ per state. These sample policies are intended to be educational. Please do not hesitate to contact your insurance company if you have any specific questions. They can direct you to the state specimen policy that applies to you.
An occupational class rating system is used by each insurance provider. It’s possible that a specific phrase is only available for one occupation with insurance company X, but not for others.
They Vary by State and Company
Take a look at the policy intricacies that can be found in the specimen policies. One firm defines “Residual Disability” as something that is similar to but not the same as another firm’s definition. There are nuanced aspects to every policy provision.
A specimen policy is a great place to start when figuring out what an insurance policy can do for you.