What is the Definition of Guaranteed Insurability (Gi) Benefit?
What is the Definition of Guaranteed Insurability (Gi) Benefit?
A supplementary life insurance policy benefit often provided through a policy rider that gives the policy owner the right to purchase additional insurance of the same type as the life insurance policy that provides the GI benefit on specified option dates. Also known as guaranteed insurability option (GIO).
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
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What is the Definition of Guaranteed Insurability (Gi) Benefit?
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Meaning of Medical Utilization Review in Insurance Terms
The practice used by insurance companies to review claims for medical treatment.
Meaning of Medicare in Insurance Terms
Federal program for people 65 or older that pays part of the costs associated with hospitalization, surgery, doctors’ bills, home health care and skilled nursing care.
Meaning of Medigap/Medsup in Insurance Terms
Policies that supplement federal insurance benefits particularly for those covered under Medicare.
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