What is the Definition of Double Indemnity Benefit?
An accidental death benefit that is equal to the face amount of a life insurance policy’s basic death benefit and is paid when the insured’s death is the result of an accident as defined in the policy. (See Accidental death benefit/ADB)
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 Double Indemnity Benefit?
Check out other definition of insurance terms below:
Meaning of Universal Life Insurance in Insurance Terms
A flexible premium policy that combines protection against premature death with a type of savings vehicle, known as a cash value account, that typically earns a money market rate of interest. Death benefits can be changed during the life of the policy within limits, generally subject to a medical examination. Once funds accumulate in the cash value account, the premium can be paid at any time but the policy will lapse if there isn’t enough money to cover annual mortality charges and administrative costs.
Meaning of Variable Annuity in Insurance Terms
An annuity whose contract value or income payments vary according to the performance of the stocks, bonds and other investments selected by the contract owner.
Meaning of Variable Life Insurance in Insurance Terms
A policy that combines protection against premature death with a savings account that can be invested in stocks, bonds and money market mutual funds at the policyholder’s discretion.
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