google bot detected Double Indemnity | Insurance Glossary | Realestateagent.com

Double Indemnity


Definition of "Double indemnity"

Lisa Bade
  Berkshire Hathaway HomeServices Florida Properties Group

Same as term Accidental Death Clause: in a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. In double indemnity, twice the face value of the policy will be paid to the beneficiary; in triple indemnity, three times the face value is payable. Accidental death caused by war, aviation except as a passenger on a regularly scheduled airline, and illegal activities is generally excluded. Time and age limits are usually applicable, as for example, the insured must die within 90 days of the accident and be age 60 or less.



Related Real Estate Glossary terms

Related Real Estate FAQ