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
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Same as term Calendar Year Experience: paid loss experience for the period of time from January 1 to December 31 of a specified year (not necessarily the current year). ...
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Insurance company that has no outstanding shares of stock, such as a mutual insurance company. ...
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