Substandard Life Insurance
Definition of "Substandard life insurance"
Coverage for risks deemed uninsurable at standard rates by normal standards (persons whose medical histories include serious illness such as heart disease or whose physical conditions are such that they are rated below standard.) A policy may specifically deny benefits for death caused by a specific illness or medical condition or may provide only partial benefits. Many risks that would have been rejected as uninsurable under earlier underwriting standards, either because of their hazardous occupations or physical impairment, now can be insured under an extra-risk policy at an extra premium; even applicants who have survived cancer may be acceptable. The premium may include an extra flat fee per thousand dollars of coverage, or is one that would normally be charged to an older person.
Popular Insurance Terms
Individual receiving medical treatment who is not required to be hospitalized overnight. ...
One who purchases insurance, usually property and liability and not life or annuities, by utilizing his or her own employee purchaser or licensed broker/agent at a minimum annual premium of ...
In property insurance, when the insurance policy contains this clause, coinsurance defines the amount of each loss that the company pays according to the following relationship:Amount of ...
Employee benefit plan that includes benefits to be received from Social Security when determining the allowable benefit amount to be received by that employee or beneficiary. ...
Same as term Chartered Life Underwriter: professional designation conferred by the American College. In addition to professional business experience in insurance planning and related ...
Location that is different from an insured's home or place of business. Under the standard homeowners insurance policy, the property of the insured is covered off premises; for example, if ...
Same as term Contract Holder: in insurance, individual with rightful possession of an insurance policy, usually the policyowner. ...
One who submits a claim for an incurred loss. ...
A historical mortality table used to calculate premium rates for deferred annuities and optional modes of settlement for life insurance policies. This table was subsequently replaced by the ...
Have a question or comment?
We're here to help.