Automatic Increase In Benefit Provision

Definition of "Automatic increase in benefit provision"

Clause in a disability income insurance policy that will adjust the amount of the monthly income payment upwards according to a stipulated annual percentage for a given number of consecutive years. The annual premium payment will also increase on an attained age basis and reflect the increase in the cost of the increasing benefit.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Classification of ships according to their construction material, age, physical condition, propulsion type, stress tests of structure, and owners. Marine insurance rates for a particular ...

Traditional HMO made up of physicians who are salaried by the HMO. These physicians treat solely HMO members who are covered only if they use HMO physicians and hospitals. ...

The definition for retainer agreement: work for hire contract that provides a client with a fixed number of work-hours from freelancers or lawyers. Even a real estate lawyer uses this type ...

Procedure for offering reduced auto insurance rates to drivers with good records, and imposing higher rates on bad drivers. Typically, premiums are weighted under a system that assigns ...

Protection of the property of the business that is damaged or destroyed by perils such as fire, smoke, and vandalism; and/or if the actions (or nonactions) of the business' representatives ...

Coverage that is excluded under commercial general liability insurance (comprehensive general liability insurance) for the loss of use of undamaged tangible real or personal property as the ...

Coverage in the event an insured's negligent acts and/or omissions involving the construction of a new one- or two-family residential structure result in bodily injury and/or property ...

Proportion of a premium allocated to pay losses, which is equivalent to (1.00 - expense ratio). ...

Supplementary life insurance reserve required by state regulators when the gross premium is lower than the valuation premium. Some life insurers are able to charge policyholders a premium ...

Popular Insurance Questions