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Jun 9, 2023 · What Does Double Indemnity Mean? 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 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.
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.
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. For example, if the policyholder dies in a car accident, or dies from a fall, the beneficiary will receive twice the amount of the policy's face value.
Aug 25, 2023 · The higher payout death benefit is also known as “double indemnity” or “triple indemnity.” This is because it may be double or triple the amount of money your beneficiaries would get if you...
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.
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.
Sep 19, 2023 · Double indemnity is an insurance provision that doubles the payout in specific circumstances, usually in cases of accidental death. A double indemnity clause is a type of provision found in many life insurance and accidental death and dismemberment policies.
Jun 29, 2021 · Both life insurance and accident insurance policies include double indemnity clauses. According to these clauses, insurance carriers agree to pay twice the policy amount in the event of accidental death.
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).
