Substandard Life Insurance
Definition of "Substandard life insurance"
Coverage for risks deemed uninsurable at standard rates by normal standards (persons whose medical histories include serious illness such as heart disease or whose physical conditions are such that they are rated below standard.) A policy may specifically deny benefits for death caused by a specific illness or medical condition or may provide only partial benefits. Many risks that would have been rejected as uninsurable under earlier underwriting standards, either because of their hazardous occupations or physical impairment, now can be insured under an extra-risk policy at an extra premium; even applicants who have survived cancer may be acceptable. The premium may include an extra flat fee per thousand dollars of coverage, or is one that would normally be charged to an older person.
Popular Insurance Terms
Trust named from a private-letter ruling by the IRS that involved a trust established by a Jewish congregation on behalf of its rabbi. The operation of the trust involves the employer's ...
Independent, nonprofit, membership hospital plan. Benefits provided include coverage for hospitalization expenses subject to certain restrictions: for example, semiprivate room only. A ...
Coverage on fur coats as well as other clothes that have, fur trim. Protection is provided at any location on an all risks basis subject to the exclusions of wear and tear, war, and nuclear ...
Modification of split dollar life insurance policy in that the death benefit becomes payable upon the second death. This type of policy is ideal in those circumstances when estate taxes ...
Accrual or addition to life insurance benefits. ...
Total amount of insurance coverage available for an insured. ...
Addition to the homeowners INSURANCE POLICY AND COMMERCIAL PACKAGE POLICY that provides liability and medical coverage for damages resulting from the operation of motor boats too large to ...
Agency of the federal government formed as the result of bankruptcies of savings and loan associations during the 1930s. Insures deposits of customers up to $100,000 for each account. In ...
Trust whereby asset management is provided until a child reaches the age of majority. Upon reaching majority, the child has full use and control over the assets. The grantor of the trust ...
Have a question or comment?
We're here to help.