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.
