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- Double indemnity is a legal term that refers to a clause in an insurance policy that pays out double the amount of the policy if the insured person dies in an accident. This means that if someone has a life insurance policy with a double indemnity clause and they die unexpectedly, their beneficiaries could receive twice the coverage amount.
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What is Double Indemnity in life insurance?
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What does indemnity mean in insurance?
Apr 13, 2022 · 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.
a statement in an insurance agreement in which the company agrees to pay twice the usual amount if a person dies in an accident: Coverage was doubled to $200,000 because the death was accidental and subject to a double indemnity provision.
Double indemnity is a legal term that refers to a clause in an insurance policy that pays out double the amount of the policy if the insured person dies in an accident. This means that if someone has a life insurance policy with a double indemnity clause and they die unexpectedly, their beneficiaries could receive twice the coverage amount.
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.
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.
Sep 20, 2024 · When adding an AD&D rider, also known as a “double indemnity” rider, to a life insurance policy, the designated beneficiaries receive benefits from both the rider and the underlying policy if...
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. How to use "double indemnity" in a sentence.
