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
Part of the federal Medicare program for additional coverage on a voluntary basis. The Medicare program is divided into two parts: (1) Hospital Insurance provides hospital benefits to ...
Federal law passed in 1920 that allows any seaman incurring bodily injury as the result of the performance of one or more functions of the job to bring a suit for damages against the ...
Investments restricted to short-term Treasury bills (T-bills) and repurchase agreements secured by Treasury bills. These T-bills are secured by the full faith and credit of the Unites ...
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Smallest face amount of life insurance that an insurance company will write on any one person. ...
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