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
Payment under a state-sponsored program for victims of crimes. ...
States that allow the placement of surplus lines only with insurance companies that the states have approved. ...
Interest earned but not yet paid for a period of time that has elapsed since the last interest payment. ...
Date, in insurance, on which a person becomes one year older. Depending on the insurance company, premiums in life and health insurance manuals are figured to the age-nearest-birthday or ...
Government-supervised health care system with economic incentives for providers and consumers. ...
Funding of an employee's benefits in a pension plan for his or her beginning past service of employment. This is a significant cost factor in pension planning and financing of future ...
Insurance that combines features of flexible premium life insurance and universal life insurance into one policy in the following manner: Premiums after the required minimum initial premium ...
Coverage that pays a fixed dollar amount of interest at regular intervals. ...
Illness contracted as the result of employment-related exposures and conditions. Coverage for such diseases is found under workers compensation insurance. ...
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