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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
88% - Very Often

Accidental Death Benefit


Synonyms:death benefit riders, double indemnity, life insurance benefit, policy feature, policy rider
Acronyms &
abbreviations:
ADB
Notes:A life insurance policy rider.
Filed Under: estate-management, insurance, legal-contracts
Tags: insurance, life insurance
 

Definition of accidental death benefit (ADB)

accidental death benefit (ADB)
1. A benefit found in select life insurance policies. If a life insurance policy contains an accidental death benefit clause, an additional sum is paid to the beneficiary if the cause of death is deemed accidental. A range of exclusions including age and time limits may apply.

Related Terms and Acronyms:

  • accidental death and dismemberment insurance   Insurance coverage for death or dismemberment (the loss of a body part).
  • burial insurance   Insurance that provides coverage for funeral expenses.
  • death benefit (DB)   A payment or series of payments made to the beneficiaries of a life insurance policy.
      ➥  An amount paid to a beneficiary in a life linsurance policy.
  • family income rider   A recurring or lump sum life insurance benefit that matches the policyholder's income.
  • insurance policy   A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • variable death benefit   A life insurance death benefit that differs depending on how well the insurance company's investment portfolio fares.

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