Riders, Life Policies
Endorsements to life insurance policies that provide additional benefits or limit an insurance company's liability for payment of benefits under certain conditions. These include:
- Waiver of Premium for Disability. An insured with total disability that lasts for a specified period no longer has to pay premiums for theduration of the disability. In effect, the company pays the premiums.
- Accidental Death Benefit.
- GUARANTEED INSURABILITY.
- COST-OF-LIVING ADJUSTMENT (COLA).
- Other Insured. Term life insurance is added on a person other than the primary insured, with the rate based on the other person's age,sex, underwriting classification, and amount of coverage.
- Children's Insurance. Term insurance on each child is added, usually to the age of majority. Generally, a child cannot becomeinsured before the age of 15 days or after his or her eighteenth birthday.
- Additional Insurance. Term insurance can be added to ordinary life policies as an additional layer of coverage for some specified timeinterval.
- Transfer of Insureds. In business situations, generally used to insure key persons with the cash value and the insurance coveragetransferable from the initial insured person to another person.
Popular Insurance Terms
Method of operation. ...
Life insurance and long-term disability income insurance on major employees, with benefits payable to the business. Key person insurance has these advantages: enhances the ability of the ...
Additional amount of life insurance above that provided by the employee benefit plan (standard group life plan) that may be chosen by the employee. A limit is usually placed on this maximum ...
In life insurance, the exchange of a series of installment payments, as the result of an installment settlement, for a lump sum distribution. ...
Statement showing assets and liabilities of an individual. ...
Termination of a plan. Under federal tax law, a plan can only be terminated for reasons of business necessity. Otherwise, prior employer tax deductible contributions under the plan are ...
Academic publication of the American risk and insurance association in which articles deal with aspects of risk, insurance, and allied fields of study. ...
Endorsements to life insurance policies that provide additional benefits or limit an insurance company's liability for payment of benefits under certain conditions. These include: Waiver of ...
Payment of premiums before their due date. In pension plans, premium payments are allocated to the payment of future benefits prior to benefits becoming payable. ...
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