Definition - What does Lost Wages mean?
Lost wages are payment for an income that a person who has a disability would otherwise be earning. Lost wages are paid by disability insurance companies.
Many people get disability insurance coverage through the Social Security Administration. This administration often pays out benefits to cover lost wages for people who qualify.
Justipedia explains Lost Wages
Lost wages compensation is extremely important for people who become disabled; without it, these people could be without an income source.
There are many different types of disabilities that could cause a person to no longer be able to work and potentially be eligible for lost wages compensation. Such disabilities include a broken back, cancer, stroke, etc.
Lost wages compensation can help those with short and long-term disabilities.