Triple Indemnity
What Does Triple Indemnity Mean?
Triple indemnity refers to an accident rider attached to a life insurance policy, which stipulates that if the insured dies in an accident specified in the policy, the beneficiaries will receive three times the face amount of insurance. To activate this triple benefit, the insured’s accidental death must occur while riding as a passenger in a public transportation vehicle on its regular route, such as a bus, train, or plane, or while in an elevator inside a building on fire.
Insuranceopedia Explains Triple Indemnity
A triple indemnity rider is typically included as part of the accidental death clause, where double indemnity is also available for specified accidental deaths. Accidental deaths resulting from war are generally excluded from coverage. Additionally, the death must occur within 90 days of the accident. There is also an age restriction for acceptance: the rider is usually available only to applicants who are 60 years old or younger.
