Cost-of-living Rider
Definition of "Cost-of-living rider"
Usually term insurance for one year added to a basic life insurance policy. In effect, this increases or decreases the face amount of the basic policy to reflect cost-of-living changes as measured by the Consumer Price Index (CPI). This rider can also be used in conjunction with a disability income policy in which the income benefit is adjusted to reflect fluctuations in the CPI.
Popular Insurance Terms
Same as term Concurrency: in which at least two insurance policies provide identical coverage for the same risk. ...
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Coverage for the inside of an insured premises of a business firm if it experiences a loss of money, securities, personal property, and damage or destruction of real or personal property ...
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