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
Decision in the absence of a plaintiff or defendant at the specified court time. ...
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Type of court bond filed on behalf of the defendant and used to release assets to him or her that have been attached pending a court decision. ...
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