Definition - What does Triple Indemnity mean?
Triple indemnity pertains to an accident rider attached to a life insurance policy, which provides that if the insured dies in an accident specified in the policy, the beneficiaries shall be entitled to receive triple the face amount of insurance. For this triple benefit to be activated, the insured's accidental death must occur while riding as passenger in a public transportation vehicle on its regular route, such a bus, train, or plane, or while in an elevator inside a building on fire.
Insuranceopedia explains Triple Indemnity
A triple indemnity rider is usually a part of the accidental death clause in which double indemnity is also available for specified accidental deaths. Accidental deaths by war are generally excluded. Likewise, the death must occur within 90 days of the accident. In addition, there is restriction to acceptance by age: The rider may be granted only to applicants who are 60 years old or younger.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.