What is the Definition of Accelerated Death Benefits?
A life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. This is in lieu of a traditional policy that pays beneficiaries after the insured’s death. Such benefits kick in if the insured becomes terminally ill, needs extreme medical intervention, or must reside in a nursing home. The payments made while the insured is living are deducted from any death benefits paid to beneficiaries.
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 Insurance?
What is the Definition of Accelerated Death Benefits?
Check out other definition of insurance terms below:
What is the Meaning of RESIDUAL DISABILITY In Insurance Terms?
In disability income insurance, a condition in which the insured is not totally disabled, but is still unable to function as before the sickness or injury, and therefore suffers a reduction in income of at least the percentage—typically 20 percent to 25 percent— specified in the disability income plan. Also known as partial disability.
What is the Meaning of RESIDUAL MARKET In Insurance Terms?
Facilities, such as assigned risk plans and FAIR Plans, that exist to provide coverage for those who cannot get it in the regular market. Insurers doing business in a given state generally must participate in these pools. For this reason the residual market is also known as the shared market.
What is the Meaning of RETENTION In Insurance Terms?
The amount of risk retained by an insurance company that is not reinsured.
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