Cost-of-living Rider
Definition of "Cost-of-living rider"
Usually term insurance for one year added to a basic life insurance policy. In effect, this increases or decreases the face amount of the basic policy to reflect cost-of-living changes as measured by the Consumer Price Index (CPI). This rider can also be used in conjunction with a disability income policy in which the income benefit is adjusted to reflect fluctuations in the CPI.
Popular Insurance Terms
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Plan established by the employer that permits the employee to defer pretax earnings into a specifically designated account. From this account, the employee may withdraw funds to pay ...
Clause in an insurance policy that describes the administration and submission of claims procedure. ...
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