What is the Definition of Living Benefit Rider?

What is the Definition of Living Benefit Rider?

An addition to a policy that enables early payout of anticipated death benefits. The rider affords terminally ill policyholders an additional source of funds to pay medical bills and maintain their lifestyle.

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

Other Questions: What is the definition of Annuity?

What is the Definition of Living Benefit Rider?

What is the Definition of Living Benefit Rider?

You can find random definition and meaning of insurance terms below:


Meaning of Death Benefit in Insurance Terms

(1) For a life insurance contract, the amount of money paid by an insurer to a beneficiary when a person insured under the life insurance policy dies. (2) For an annuity contract, the amount of money paid to a beneficiary if the contract owner dies before the annuity payments begin.


Meaning of Declaration in Insurance Terms

Part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums and supplemental information. Referred to as the “dec page.”


Meaning of Declined Risk Class in Insurance Terms

In insurance underwriting, the group of proposed insureds whose impairments or anticipated extra mortality are so great that an insurer cannot provide insurance coverage to them at an affordable cost. Also known as uninsurable class. Contrast with Preferred risk class, Standard risk class and Substandard risk class.


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