BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The money paid for an insurance policy
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The portion of a claim that a person must pay before her insurance company contributes
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The percentage share the insurance company pays when it pays out a claim
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An additional provision purchased separate of a traditional policy to add coverage
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Detailed explanation-1: -A rider is an optional coverage or feature you can add to your life insurance policy, often for an additional cost. Riders can help cover life events that your standard policy does not. Riders can provide benefits for critical illness and more during your lifetime.
Detailed explanation-2: -Guaranteed Insurability The guaranteed insurability rider gives you the option to buy a stated amount of additional insurance at specified intervals up to a maximum age, usually 40, without presenting evidence of insurability.
Detailed explanation-3: -An additional insured rider (AIR) covers an additional person on your life insurance policy. The amount of their minimum death benefit cannot exceed the face amount of your policy. Let’s say you get married and want to add your new spouse. Their death benefit cannot be more than yours.
Detailed explanation-4: -Simply put, an insurance policy rider represents a provision or modification to an existing insurance policy that provides additional coverage, that is, additional protection against risk.