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
Coverage on an all risks basis for goods in transit, bailment, and while on the premises of others. ...
Technique of risk management (better known as retention or self insurance) under which an individual or business firm assumes expected losses that are not catastrophic losses through the ...
Process of discovering sources of loss concerning the property risk faced by individuals and business firms. The first step is to analyze possible perils that can damage or destroy both ...
Authority to act on behalf of an individual that terminates upon its revocation or death of that individual. ...
Combination of the federal estate tax and the federal gift tax. ...
In which at least two insurance policies provide identical coverage for the same risk. ...
Assembly of people formed only for obtaining group insurance. Such a group is uninsurable and violates underwriting principles concerning group insurance. ...
Coverage in which the investment features, mortality element, and cost factors of a life insurance policy are separated, permitting each part to be independently analyzed. The savings ...
Same as term agent of record: individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
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