When salary protection insurance benefits are payable to an individual or an individual’s beneficiary, the amount of salary protection insurance plus the amount of any in-force disability income insurance, if the individual can obtain disability insurance from an admitted insurer, shall not exceed seventy-five percent (75%) of the individual’s annual earned income. As used in this section, “disability income insurance” has the same meaning as “accident and health insurance” in N.C. Gen. Stat. § 58-7-15(3). ?(2011-370, s. 2.)

Terms Used In North Carolina General Statutes 58-21-22

  • Admitted insurer: means an insurer licensed to engage in the business of insurance in this State. See North Carolina General Statutes 58-21-10
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Salary protection insurance: means insurance against financial loss caused by the cessation of earned income because of disability from sickness, ailment, or bodily injury. See North Carolina General Statutes 58-21-10
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