Automatic Increase In Benefit Provision

Definition of "Automatic increase in benefit provision"

John Comford real estate agent
John Comford, Real Estate Agent Realtysouth-Inverness Office

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.

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