What is double indemnity insurance

Double indemnity is a clause or provision in a life insurance or accident policy whereby the company agrees to pay the stated multiple (e.g., double, ...

What does double indemnity mean?

Both life insurance and accident policies regularly include double indemnity clauses. These clauses stipulate that the insurance carrier agrees to pay twice the policy limit amount in the event of an accidental death.

How do you get double indemnity?

When adding an ADɪmp;D rider, also known as a double indemnity rider, to a life insurance policy, the designated beneficiaries receive benefits from both in the event the insured dies accidentally. Benefits typically cannot exceed a certain amount.

Which benefit is also known as double indemnity benefit?

- An accidental death benefit rider may be added to a life insurance. This benefit is sometimes referred to as double indemnity because it provides double the face amount of the policy if the insured dies due to an accident.