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An insurance rider is a policy add-on that provides additional coverage and extends the terms and conditions of your policy. For instance, many life insurance riders allow you to use the money ...
Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies. [1] The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer. [2]: 10 In some cases ...
Terminal illness insurance (known as accelerated death benefit in North America) pays out a capital sum if the policyholder is diagnosed with a terminal illness from which the policyholder is expected to die within 12 months of diagnosis by a physician who specializes in that illness or condition. The payout is still valid even if the insured ...
In insurance policies, an additional insured is a person or organization who enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy. [1] [2] [3] The term generally applies within liability insurance and property insurance, but is an element of other policies as well. Most ...
A form of term life insurance coverage that provides a return of some of the premiums paid during the policy term if the insured person outlives the duration of the term life insurance policy. For example, if an individual owns a 10-year return of premium term life insurance plan and the 10-year term has expired, the premiums paid by the owner ...
Juvenile life insurance advocates note that over the long term, management fees for other financial products typically will exceed juvenile life insurance policy commissions. For example in the illustration above, typical management fees of 1% annually would exceed, in every year following the 6th year, the $900–$1,800 one-time commission ...
An insurance broker typically doesn’t know all the policy details for every policy type and insurance company. There could be policy exclusions, terms and conditions they may not be aware of ...
A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.