Describe double indemnity?(1 point) Responses
the policyholder is paying a fixed premium for coverage on a loan that has a decreasing payout
the policyholder buys gap insurance and is paid out from the base auto insurance and the gap insurance for totaling their car
a life insurance rider that may result in beneficiaries receiving double the insured amount in case of death or severe injury
policyholder has both term life insurance and mortgage protection life insurance
Double indemnity refers to a life insurance rider that may result in beneficiaries receiving double the insured amount in the event of the policyholder's death or severe injury. It provides an additional payout on top of the standard life insurance coverage. This type of rider is often offered as an add-on to a regular life insurance policy.
To get more information about double indemnity, you can:
1. Consult your insurance provider or agent: Reach out to your insurance provider or agent to inquire about the availability and details of a double indemnity rider. They can explain how it works, the associated costs, and any specific conditions or requirements.
2. Review your policy documents: If you already have a life insurance policy, look through your policy documents. Read the fine print to see if there is any mention of a double indemnity rider or if it is included as a standard feature in your policy.
3. Conduct online research: Utilize search engines to find reputable sources that provide information on double indemnity. Look for articles, guides, or insurance industry websites that explain the concept in detail. This research can help you gain a thorough understanding of how double indemnity works and its benefits.
Remember to always consult with a qualified insurance professional or provider to ensure you receive accurate and personalized information regarding your specific policy and coverage.