Automatic Increase In Benefits
Optional provision in a disability income policy that allows the policyowner to increase the monthly income sum at an approximate rate of 6%.
Popular Insurance Terms
Maximum amount that an insurance company will pay under a liability insurance policy for bodily injury incurred by any single person as a result of any one accident. ...
Factor applied in retrospective rating in order to increase the basic premium to cover state premium taxes for liability and workers compensation insurance. For example, if a state premium ...
Unexpected, unforeseen event not under the control of the insured that results in bodily injury. ...
Recommendation of medications that should be prescribed for certain ailments. They can be classified as follows: open or voluntary recommends a list of drugs to physicians that is supposed ...
Gross yield minus total costs (expenses). ...
Income supplement program under Social Security to provide a minimum monthly income to aged, blind, and disabled persons. The SSI payments, which were introduced in January 1974, make up ...
Coverage of an employee group whose members receive a monthly disability income benefit, subject to a maximum amount, if illness or accident prevents a member from performing the normal ...
Policies that have been sold to and paid for by an insured, but not yet delivered to the insured. ...
Income paid under health insurance for loss of use of various parts of the body due to an accident. A schedule of benefits available in a policy lists payments for each part of the body ...
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