How does someone qualify for Social Security Disability income benefits quizlet?

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Key person disability income pays periodic income benefits to businesses when a key employee is disabled. The purpose of the coverage is to allow the business to hire additional help while the employee is disabled.

Key persons include:
-Business owners,
-Stockholders, and
-Executive managers who are active in the company.

The amount of the disability income benefit is based on the key person's economic value to the business - the loss of income that would occur from reduced sales and hiring a replacement employee while the key person is disabled. Benefits may be paid as monthly periodic benefits, or in a lump sum.

The business owns the policy, pays the premiums, and receives the benefits. The key person is the insured individual, who must sign the application, consenting to the coverage.

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