What is double insurance wikipedia

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, triple) of the face amount in the contract in cases of death caused by accidental means.

What is meant by double indemnity?

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.

Which benefit is also known as double indemnity benefit?

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.

What is life insurance Wiki?

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder).

Which of the following is a double indemnity rider?

- 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.