double indemnity

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Thân thiện
Definition
  1. Noun:
    • A clause in an insurance policy: A specific provision within a life insurance or accident insurance contract.
    • Providing for double the face value: This clause stipulates that the insurance company will pay twice the standard death benefit amount.
    • In the case of accidental death: The double payment is triggered only if the policyholder's death is ruled accidental, as defined by the policy terms. It does not apply to death from natural causes or illness.
Usage Examples
  • Noun:
    • He purchased a life insurance policy with a double indemnity rider. (He added a special clause to his policy for an extra cost.)
    • The beneficiary received a large payout due to the double indemnity clause. (The payment was twice the normal amount because the death was accidental.)
    • Always read the fine print to understand when double indemnity applies. (The specific conditions for the double payment are in the contract details.)
Advanced Usage

  • "Double indemnity rider": A common term for the optional add-on clause that provides this benefit.

    • For a small additional premium, you can attach a double indemnity rider to your policy.

  • Legal and contractual context: The term is almost exclusively used in insurance, legal, and financial discussions concerning policy benefits and payouts.

Variants and Related Words
  • Accidental Death Benefit (ADB): A more general term for insurance benefits paid in case of accidental death, which may or may not involve a double payment.
  • Rider: An optional amendment or addendum to an insurance policy that modifies its terms, such as adding a double indemnity clause.
Synonyms
  • Accidental death double benefit: A descriptive synonym.
  • Double benefit clause: A less common alternative phrasing.
Related Phrases

  • "To qualify for double indemnity": To meet the specific conditions required for the double payout.

    • The investigation concluded the death was an accident, so it qualified for double indemnity.

  • "Invoke the double indemnity clause": To formally claim the double payment based on the policy terms.

    • The family's lawyer helped them invoke the double indemnity clause.
Noun
  1. a clause in an insurance policy that provides for double the face value of the policy in the case of accidental death