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Another important example in this category is that the standard waiting period before starting to collect Social Security's disability benefits is one year.
What other insurance policies will pay claims for this event?
For example, if an auto accident renders you unable to work for 5 months, your auto insurance policy with Company A may include coverage for lost income during this period. If the borrower doesn't repay the loan in person, the lender may process the check traditionally or through electronic withdrawal from the borrower's checking account.
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