Modified own-occupation
Certified Financial Planner glossary · Certified Financial Planner
Definition
A disability definition paying benefits for inability to perform one’s own occupation, reduced or ceased if the insured works elsewhere.
Modified own-occupation in plain English
A surgeon cannot operate but takes a teaching job, and the disability check shrinks or stops. Modified own-occupation pays for inability to perform one's own occupation, yet benefits are reduced or ceased if the insured works elsewhere. Pure own-occupation can keep paying even if the insured earns in another field; any-occupation is harsher still. Read the work-elsewhere clause. Benefits that shrink or stop once the insured accepts other work put you in modified own-occupation territory, not true own-occ.
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