The standard maximum Income Replacement Benefit payable under O.A.P. 1 Owner's Policy "Section 4 - Accident Benefits Coverage" is $400 per week for the first 104 weeks. The actual amount payable is based on which one (1) of the following? OA) 70% of Gross Income. OB) 80% of Gross Income. OC) 70% of Net Income. OD) 80% of Net Income.
The standard maximum Income Replacement Benefit payable under O.A.P. 1 Owner's Policy "Section 4 - Accident Benefits Coverage" is $400 per week for the first 104 weeks. The actual amount payable is based on which one (1) of the following? OA) 70% of Gross Income. OB) 80% of Gross Income. OC) 70% of Net Income. OD) 80% of Net Income.
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Transcribed Image Text:The standard maximum Income Replacement Benefit payable under O.A.P. 1 Owner's Policy "Section 4 - Accident
Benefits Coverage" is $400 per week for the first 104 weeks. The actual amount payable is based on which one (1) of the
following?
OA) 70% of Gross Income.
OB) 80% of Gross Income.
OC) 70% of Net Income.
OD) 80% of Net Income.
Expert Solution
Step 1: Define key term:
Income Replacement Benefit: This is a type of insurance benefit, associated with disability insurance, which provides financial assistance to individuals who have lost income due to a covered injury illness, or accident. It is designed to replace a portion of the individual's lost income, helping them meet their financial needs during a period of disability or recovery.
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