Final answer:
"Own occupation" disability insurance correctly describes a policy that pays out when a person can no longer perform their specific job duties due to disability, making the statement true.
Step-by-step explanation:
"Own occupation" disability insurance is a type of coverage that provides benefits when a person is unable to perform the duties of their own, specific occupation at the time of disability. Therefore, the statement that "Own occupation" disability insurance means one cannot do the duties of their own job at the time of the disability is true.
Own occupation disability insurance means that an individual is unable to perform the duties of their own job at the time of the disability. This type of insurance provides coverage specifically for the inability to work in one's own occupation.
For example, if a surgeon suffers a hand injury that prevents them from performing surgeries, an own occupation disability insurance policy would provide coverage because they cannot fulfill the duties of their own occupation as a surgeon. However, if their policy only covered the inability to work in any occupation, they may not receive benefits if they can still perform other types of work.
In summary, own occupation disability insurance ensures that individuals are protected financially if they become disabled and cannot perform the specific duties of their own job.