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- 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
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The meaning of DOUBLE INDEMNITY is a provision in a life-insurance or accident policy whereby the company agrees to pay twice the face of the contract in case of accidental death.
Jun 9, 2023 · Double indemnity is a clause in a life insurance policy that states the insurance company will pay twice the amount of money stated in the standard life insurance contract if the death of the insured results from an accident.
Double Indemnity Explained. 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.
Apr 19, 2023 · The double indemnity rider is a policy provision that doubles the payout in the event of the policyholder's death under certain circumstances, typically accidental death.
Mar 2, 2023 · What Is “Double Indemnity”? 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 ...
May 10, 2022 · Double indemnity clauses stipulate that an insurance carrier agrees to pay at least double the policy limit if the policyholder dies an accidental death. Life insurance and accident policies (also known as AD&D for “accidental death and dismemberment”) often include double indemnity clauses.
Jan 10, 2022 · A double indemnity rider pays two times the face amount when an insured individual dies by accidental causes. For example, Larry applied for and was issued a $100,000 term life insurance policy with a double indemnity rider (aka accidental death benefit rider).
Some insurance policies have double indemnity clauses that award more money in case of accidental death. Find out more about how this process works.
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).
Feb 29, 2024 · Multiple indemnity refers to a clause in an insurance policy that provides for enhanced payouts under certain circumstances. In life insurance policies, such a clause would typically pay a higher amount if the death was caused by accidental means.
