Mark earns $18,000 a month as a physician. He becomes disabled under an own occupation definition policy with a 50% prior wages clause because he lost his hearing in a hunting accident. He returns to work as a researcher making $3,000 per month, a reduction of 83.33%. He has a residual benefit provision in his disability policy that calls for monthly benefits of $12,000. What will be his total income per month including any residual benefits? $3,000 (one time payment) $12,000 (the greater of his salary or the disability benefits) $13,000 (the $3,000 plus $10,000 from the residual) $15,000 (the $12,000 plus the $3,000)
Mark earns $18,000 a month as a physician. He becomes disabled under an own occupation definition policy with a 50% prior wages clause because he lost his hearing in a hunting accident. He returns to work as a researcher making $3,000 per month, a reduction of 83.33%. He has a residual benefit provision in his disability policy that calls for monthly benefits of $12,000. What will be his total income per month including any residual benefits? $3,000 (one time payment) $12,000 (the greater of his salary or the disability benefits) $13,000 (the $3,000 plus $10,000 from the residual) $15,000 (the $12,000 plus the $3,000)
Chapter33: Income, Income Distribution, And Poverty
Section: Chapter Questions
Problem 11E: What is the difference between in-kind and cash transfers? Winch might increase the utility of the...
Related questions
Question
Mark earns $18,000 a month as a physician. He becomes disabled under an own occupation definition policy with a 50% prior wages clause because he lost his hearing in a hunting accident. He returns to work as a researcher making $3,000 per month, a reduction of 83.33%. He has a residual benefit provision in his disability policy that calls for monthly benefits of $12,000. What will be his total income per month including any residual benefits?
$3,000 (one time payment)
$12,000 (the greater of his salary or the disability benefits)
$13,000 (the $3,000 plus $10,000 from the residual)
$15,000 (the $12,000 plus the $3,000)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning