Double-protection Policy
Definition of "Double-protection policy"
Life insurance contract that combines TERM LIFE INSURANCE with WHOLE LIFE INSURANCE. The term portion of the contract expires after a stipulated time period. If the insured dies during this stipulated period, both the term portion and the whole life portion of the contract will pay. If the insured dies after the stipulated time period, only the whole life portion of the contract will pay.
Popular Insurance Terms
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