License loss insurance
The loss of license insurance ( Loss of License / LOL ) is an insurance policy that occurs when air crew (usually pilot (aviation) and flight attendants ) the license to carry on its business loses due to the elimination of the airman medical fitness.
This license is at risk for a variety of reasons (accident, illness), as it is linked to high requirement profiles. One also speaks of occupational disability insurance for pilots. The same applies to air traffic controllers.
The necessary prerequisites can become distressed and cease to exist. The insurance benefit therefore serves as compensation for the transition to another activity or, unless it can be organized differently, as a bridge until retirement .
The policyholders are either the aviation company or the insured person himself. The agreed capital payment from the insurance is mainly provided in installment form (pension) or in the form of a one-off capital payment.
See also
Individual evidence
- ↑ Loss of License Insurance for Airline Drivers ( Memento of the original from March 18, 2010 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
