Automatic Increase In Benefit Provision
Definition of "Automatic increase in benefit provision"
Clause in a disability income insurance policy that will adjust the amount of the monthly income payment upwards according to a stipulated annual percentage for a given number of consecutive years. The annual premium payment will also increase on an attained age basis and reflect the increase in the cost of the increasing benefit.
Popular Insurance Terms
Sum of money paid on the principal amount of money invested or loaned. ...
Retirement taken after the normal retirement age. For example, if the normal retirement age is 65 or 70 an employee may continue to work beyond those ages. Normally the election of deferred ...
Payment under a state-sponsored program for victims of crimes. ...
Interruption of insurance provided for in most property insurance policies under circumstances where a substantial increase in hazard has arisen with the knowledge or control of the ...
Gross yield minus total costs (expenses). ...
Tenant's modifications of leased space to fit his particular needs. Up to 10% of contents coverage inside the structure may be applied to insure against damage or destruction of ...
Special property damage coverage purchased by an individual renting an automobile under which the rental company waives any right to recover property damage to the automobile from that ...
Statutory law that lowers the defendant's liability by restricting the monetary recovery of the plaintiff incurring a specified injury, such as pain and suffering, or by restricting the ...
Value or cost of the actual net protection, in life insurance, in any year (face amount less reserve) according to the yearly renewal term rate used by an insurance company. ...
Have a question or comment?
We're here to help.