Family Income Rider
Definition of "Family income rider"
Attachment of decreasing term life insurance to an ordinary life policy to provide monthly income to a beneficiary if death occurs during a specified period. If the insured dies after the specified period, only the face value is paid to the beneficiary since the decreasing term insurance has expired.
Popular Insurance Terms
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Same as term Expected Loss: probability of loss upon which a basic premium rate is calculated. ...
System whereby the re insurer shares losses in the same proportion as it shares premium and policy amounts. Proportional reinsurance may be divided into the two basic forms: automatic ...
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Calculation of the premium based on such factors as the applicant's age, sex, health record, family history, and type of insurance plan applied for. ...
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Amount of loss that insured pays in a claim; includes the following types: Absolute dollar amount. Amount the insured must pay before the company will pay, up to the limits of the policy. ...
Failure to act with the legally required degree of care for others, resulting in harm to them. ...
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