Riders, Life Policies
Endorsements to life insurance policies that provide additional benefits or limit an insurance company's liability for payment of benefits under certain conditions. These include:
- Waiver of Premium for Disability. An insured with total disability that lasts for a specified period no longer has to pay premiums for theduration of the disability. In effect, the company pays the premiums.
- Accidental Death Benefit.
- GUARANTEED INSURABILITY.
- COST-OF-LIVING ADJUSTMENT (COLA).
- Other Insured. Term life insurance is added on a person other than the primary insured, with the rate based on the other person's age,sex, underwriting classification, and amount of coverage.
- Children's Insurance. Term insurance on each child is added, usually to the age of majority. Generally, a child cannot becomeinsured before the age of 15 days or after his or her eighteenth birthday.
- Additional Insurance. Term insurance can be added to ordinary life policies as an additional layer of coverage for some specified timeinterval.
- Transfer of Insureds. In business situations, generally used to insure key persons with the cash value and the insurance coveragetransferable from the initial insured person to another person.
Popular Insurance Terms
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 ...
Rejection by an insurance company of an application for a policy. ...
Payment for coverage that remains throughout the same premium-paying period. ...
Ownership of property by two or more persons who do not have rights of survivor ship. The share of a deceased tenant passes to that person's heirs and not to the other tenants. Because ...
Individuals who inherit assets as the result of being named in a will. ...
Addition to a property policy providing coverage for a specified amount. This endorsement is typically used for an unusual or valuable piece of property that does not fit standard ...
Fund that insures mortgages on homes for one to four families; also insures property improvement loans and loans to repair homes after a disaster. It is one of three funds operated by the ...
Individual permitted to enter property with the permission of the owner or the person who controls the property. There is no mutual profit motive; the licensee comes onto the property for ...
Restoration of a policy that has lapsed because of nonpayment of premiums after the grace period has expired. In life insurance the reinstatement time period is three years from the premium ...
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