What are waiting periods, excluded items, and the like?
JF: Waiting periods generally refer to when a benefit begins; for instance, a long term disability policy will not begin payments until a policyholder has been disabled for a specified period of time such as 30 or 60 days. Most all contracts will have excluded items (“the big print giveth and the small print taketh away”). I encourage my clients to look at exclusions first. Even though exclusions are fairly standardized, it eliminates misunderstandings about what they can expect from their policies. 8. Business interruption, business revenue replacement, key person insurance, and long term disability—what are they, and how do business owners use each type to protect his/her business? LW: Business interruption, loss of business income, loss of rents, etc. all indemnify an insured for an actual loss of income during a restoration period. If an insured should suffer a fire loss, it could be months before they are back in business. These types of coverage help the insured maintain their bu
