Multiple Protection Life Insurance Policy
Definition of "Multiple protection life insurance policy"
Single life insurance policy combining term life insurance and ordinary life insurance. If the insured dies during the term period, a multiple of the face amount is paid to the beneficiary. If the insured dies after the term period has expired, only the face amount is paid to the beneficiary. For example, if the insured dies during the first 10 years that the policy is in force, three times the face amount is paid to the beneficiary; after the 10 years expires, the single face amount is paid to the beneficiary. Thus, during the multiple protection period both term insurance and ordinary life insurance are in force; after the multiple protection period expires, only ordinary life insurance is in force.
Popular Insurance Terms
Same as term Limitations: exceptions and limitations of coverage; that is, the maximum amount of insurance coverage available under a policy. ...
Addition to a business property insurance policy to cover loss of earnings, subject to a monthly limit, in the event that property of an insured is destroyed and a business cannot continue. ...
(land and attachments) and personal (movable effects not attached to land). Both classifications of property give rise to an insurable interest. ...
Coverage in the event of a marine loss. Marine loss is damage or destruction of a ship's hull and the ship's cargo (freight) as the result of the occurrence of an insured peril. Perils ...
Top state regulator of the insurance business who is either elected to office or appointed by a state to safeguard the interests of policyowners. ...
Rate applied to risks with similar characteristics or to a specified class of risk. ...
Very broad term for insurance covering liability exposures for individuals and business owners. It provides broad coverage, generally including all exposures for property damage and bodily ...
Status in which an insurance company holds funds of its insureds (the payment of premiums) in trust, and through an insuring agreement promises to make all benefit payments for which it has ...
Insurance company that has no outstanding shares of stock, such as a mutual insurance company. ...
Have a question or comment?
We're here to help.