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
Risk incurred by the insurance company after it makes the commitment to make the loan at some future time and the borrower may not accept the loan at that time. ...
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Trade association of commercial insurance brokers whose objective is to further the interests of these brokers through education, lobbying, and adherence to professional ethics. ...
Paid-in surplus, revaluation surplus, and donated surplus. This surplus includes all sources of surplus with the exception of earned surplus. ...
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Risk-creating device as compared with insurance, which is a risk-reducing or -eliminating device. This is a form of speculative risk. ...
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Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old living room sofa will not be replaced at ...
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