Double Indemnity
Definition of "Double indemnity"
Same as term Accidental Death Clause: in a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. In double indemnity, twice the face value of the policy will be paid to the beneficiary; in triple indemnity, three times the face value is payable. Accidental death caused by war, aviation except as a passenger on a regularly scheduled airline, and illegal activities is generally excluded. Time and age limits are usually applicable, as for example, the insured must die within 90 days of the accident and be age 60 or less.
Popular Insurance Terms
Insurance transactions conducted across national boundaries. Such transactions occur when the insurance company sells insurance outside the country of the company's domicile. ...
Time frame during which an annuitant makes premium payments to an insurance company. The obligations of the company to the annuitant during this period depend on whether a pure annuity or ...
Organization that underwrites insurance policies. There are two principal types of insurance companies: mutual and stock. A mutual company is owned by its policy owners, who elect a board ...
Act by a person who is terminally ill of cashing in a life insurance policy to pay for the necessary associated illness, medical expenses, and final wishes. This terminally ill person ...
Coverage that will indemnify the insured for the expenses, up to the limits of the policy, if a building is damaged by a peril such as fire, and zoning requirements and/or building codes ...
Detail showing distribution of property coverages written by an insurance company. Illustrates a potential danger of concentration of insured risks. ...
Entitlement of a participant in an employee benefit insurance plan to receive benefits regardless of his or her employment status. ...
Under a general liability policy, a claim by an employer arising when an employee terminated by a supervisor without authority or just cause brings suit against the employer. Such a claim ...
Complete coverage for hospital and physician charges subject to deductibles and coinsurance. This coverage combines basic medical expense policy and major medical policy. ...
Have a question or comment?
We're here to help.