Final answer:
An 'own occupation' disability insurance policy provides benefits if the insured cannot perform their specific job duties due to disability, and typically has higher premiums as it is more advantageous to the insured.
Step-by-step explanation:
The student question refers to the definition of disability within the context of disability insurance policies. When a policy has an 'own occupation' definition of disability, it means that if the insured individual is unable to perform the duties of their specific occupation due to a disability, they would be considered disabled and eligible for benefits. This is indeed a more liberal definition compared to 'any occupation,' where the insured must be unable to perform the duties of any occupation for which they are qualified based on education, training, and experience. It is true that own occupation policies are generally more advantageous to the insured because they provide a narrower definition of disability that is easier to meet. They also generally come with higher premiums, as insurance companies face a higher risk of paying out benefits with such policies.