Combination Policy (plan)
Definition of "Combination policy (plan)"
- a contract in life insurance that includes elements of whole life and term insurance.
- in pensions, a combined life insurance policy and a side (auxiliary) fund to enhance the amount of a future pension.
- in automobile insurance, different coverages using policies of two more insurance companies (rare).
Popular Insurance Terms
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Sum the insurance company is legally obligated to pay an insured for losses incurred. ...
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Payment of insurance proceeds for a claim resulting from a loss to insured mortgaged property. ...
Same as term Commutation Right: right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
Coverage in which the investment features, mortality element, and cost factors of a life insurance policy are separated, permitting each part to be independently analyzed. The savings ...
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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 ...
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