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
Process in life insurance by which an applicant who is uninsurable, or is a greater than average risk, seeks to obtain a policy from a company at a standard premium rate. Life insurance ...
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Automatically extended reporting period of 60 days, during which claims may be made after a claims made basis liability coverage policy has expired. ...
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Organization following the format of Lloyd's of London. ...
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Major credit insurer of the early 20th century that merged into the London Guarantee and Accident Co. in 1931. ...
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