Which statement about loss of income coverage is FALSE?

The statement regarding loss of income coverage that is considered false pertains to the maximum amount of coverage available. Typically, loss of income coverage provides benefits based on a percentage of the insured's gross income, which often is capped at about 60% of the income. However, in many policies, this coverage does not begin until after a waiting period, which can commonly be 14 days, but not all plans adhere uniformly to this threshold, and some may have different stipulations for the maximum coverage percentage or duration of the waiting period.

In contrast, it is typically true that the insured must qualify as being wholly and continuously disabled to receive benefits, which emphasizes the necessity of being unable to engage in any gainful employment due to the disabling condition. Generally, the insured must have been employed at the time of the accident to demonstrate that there was an income source that was lost due to the disability. Additionally, many loss of income plans include provisions that allow coverage for nontraditional roles within the workforce, such as housewives, under certain conditions. Thus, saying all housewives are eligible for benefits can be misleading, but this may not be universally true for all policies, making it a statement that could lead to confusion depending on interpretation.

Understanding the nuances in