Search results
- DictionaryDou·ble in·dem·ni·ty/ˈdəbəl inˈdemnədē/
noun
- 1. provision for payment of double the face amount of an insurance policy under certain conditions, e.g. when death occurs as a result of an accident. North American
Powered by Oxford Languages
Double indemnity insurance means that the life insurance company pledges to pay the beneficiary twice the coverage amount if the policyholder has an accidental death. For instance, if someone who has a life insurance policy with a $500,000 payout dies in an accident, the policy will pay $1,000,000 under the double indemnity clause.
Mar 2, 2023 · A double indemnity policy is a kind of insurance policy that pays out twice the face value of the policy in the case of the policyholder’s death by accident. In the case of wrongful death claims, double indemnity may apply if the policyholder’s death was caused by an accident covered by the policy’s double indemnity provision.
Double indemnity is a contract provision that is typically found in life insurance and accidental death insurance policies. This is a type of life insurance that mandates that carriers pay up to twice the amount of the face value of an insurance contract if the insured (or policyholder) dies as a result of an accident.
Jan 10, 2022 · The film was named Double Indemnity after a clause written into a life insurance policy that pays twice the face amount to the beneficiary upon the insured's death. This clause has been used frequently in many murder mysteries. Jump ahead to these sections: What Is a Rider for a Life Insurance Policy? Definition Of a Multiple Indemnity Rider.
Definition of "double indemnity" A clause found in certain accident or life insurance policies where the insurance company pledges to pay two times the policy's original amount upon the occurrence of accidental death. How to use "double indemnity" in a sentence.
Home Term Insurance Definitions double indemnity. On This Page. double indemnity (DI) Double indemnity refers to payment by a life insurance policy of two times the face value when death results from an accident (e.g., an auto accident) as opposed to a health problem (e.g., cardiac arrest).
a statement in an insurance agreement in which the company agrees to pay twice the usual amount if a person dies in an accident: Coverage was doubled to $200,000 because the death was accidental and subject to a double indemnity provision. (Definition of double indemnity from the Cambridge Business English Dictionary © Cambridge University Press)
