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
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.
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 · 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 17, 2024 · An accidental death benefit rider is an optional life insurance add-on that provides an additional payout, typically double, if the insured dies accidentally. Accidental death benefit riders cover unforeseen fatalities, but "accident" definitions vary by policy, necessitating careful review.
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).
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).
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.
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.
