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- 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.
dictionary.cambridge.org/dictionary/english/double-indemnity
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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 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.
What Is Double Indemnity? Many life insurance and accident policies include a double indemnity clause or provision. The clause is related to the insurance term “indemnity,” which means that one party will provide financial compensation to another party after a loss.
double indemnity noun a clause in a life-insurance or accident-insurance policy providing for payment of twice the face value of the policy in the event of accidental death.
Double indemnity pays twice the amount of the policy face value if death results from accidental causes, as if both a full coverage policy and an accidental death policy were in effect on the insured.
Double indemnity is a clause in life insurance policies that provides for the payment of double the policy's face value in the event of the policyholder's accidental death.
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