Own Occupation

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Own Occupation An insurance policy that covers individuals who become disabled and are unable to perform the majority of the occupational duties that they have been trained to perform. Persons covered under an own occupation policy may find another job and still receive full benefit payments. Your own occupation means your whole job, not each responsibility on its own. You may be perfectly capable of completing each part of your job on an individual basis, but incapable of doing them all together. In that case, you qualify as disabled. A policyholder can receive benefits if you are unable to work in your "own occupation," but allow you to seek employment elsewhere. Doctors frequently purchase own-occupation policies. If a doctor can not work in their regular occupation but are willing and able to work in some other capacity, this definition means you can get your full benefit payment even while holding another kind of job. If the surgeon in the above scenario had disability insurance for physicians with this definition, he or she could take a teaching or consulting job and still receive replacement income for the entire benefit period. There is a difference between own occupation and any occupation. While any occupation: You can claim if you are permanently disabled and cannot work in any occupation you are suited to by education, training, or experience. Own occupation: You can claim if you're unable to work in your usual occupation or your chosen field of employment. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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