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.
Popular Insurance Terms
Paid loss experience for the period of time from January 1 to December 31 of a specified year (not necessarily the current year). ...
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Qualified retirement plan under the internal revenue code Section 457 for employees of the states and political subdivisions within the states. ...
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Federal legislation passed in 1988 (repealed November 23, 1989) that significantly increased the benefit amounts provided under medicare, both Part A and Part B, in the following manner: ...
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