Future Insurability Guarantee/Future Increase Option
Option clause in a disability income policy that the insured can exercise that would permit the insured the right to purchase additional limits of coverage regardless of the insured's physical condition. These additional purchases are limited by the insured's age and a maximum dollar amount, as well as twice the total monthly disability income from all insurance companies that the insured has in force, at which time the lesser of these two amounts would apply. This option may be exercised by the insured annually, usually until age 55.
Popular Insurance Terms
Insurance purchased from an insurance company that has been licensed in the state in which the policy is purchased. This insurance is purchased through an agent or broker who are licensed ...
Act of stealing. Coverage can be purchased under most property insurance policies such as the homeowners insurance policy. ...
Insurance transactions conducted across national boundaries. Such transactions occur when the insurance company sells insurance outside the country of the company's domicile. ...
Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...
Same as term Medical Examination: physical checkup required of applicants for life and/or health insurance to ascertain if they meet a company's underwriting standards or should be ...
Small face amount life insurance policy. ...
Insurance company that specializes in underwriting casualty insurance. ...
Division of a sum of money between a deferred annuity and an immediate life annuity certain. ...
Company that buys life insurance policies from policyowners on the lives of insureds who are terminally ill. This type of company pays cash for the life insurance policies, usually in the ...
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