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- Dictionarydou·ble in·dem·ni·ty/ˈdəbəl inˈdemnədē/
noun
- 1. provision for payment of double the face amount of an insurance policy under certain conditions, e.g. when death occurs as a result of an accident. North American
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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.
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.
Double indemnity insurance means that the life insurance company pledges to pay the beneficiary twice the coverage amount if the policyholder has an accidental death. For instance, if someone who has a life insurance policy with a $500,000 payout dies in an accident, the policy will pay $1,000,000 under the double indemnity clause.
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.
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. (Definition of double indemnity from the Cambridge Business English Dictionary © Cambridge University Press)
Dec 23, 2020 · double insurance Sec. 93. A double insurance exists where the same person is insured by several insurers separately in respect to the same subject and interest.
When there is double insurance and over insurance results, the insured can claim only up to the agreed valuation or up to the full insurable value from any, some or all insurers, without prejudice to the insurers ratably apportioning the payments.
Jun 29, 2021 · Both life insurance and accident insurance policies include double indemnity clauses. According to these clauses, insurance carriers agree to pay twice the policy amount in the event of accidental death.
Jun 10, 2019 · RANDY B. ESCOLANGO. IS availing of two or more insurance policies over the same thing or person allowed? Insurance laws in the Philippines do not prohibit per se the so-called “double insurance”; however, it is important to be aware of its salient elements to avoid going beyond what is lawful. Subscribe to unlock this article.
Double indemnity definition: 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.. See examples of DOUBLE INDEMNITY used in a sentence.
