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 Posted: Wed May 28, 2008 5:37 am Post subject: what is rider as per insurence knoweledge |
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| what is rider as per insurance knoweledge |
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anilkumar_neo
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| Posted: Wed May 28, 2008 11:22 am Post subject: |
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I think you are talking about an endorcement? Or even perhaps an additional insured? It 'adds' something extra (that you pay for most of the time) to a policy.
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Lori
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| Posted: Wed May 28, 2008 4:36 pm Post subject: |
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anilkumar_neo asks:
| Quote: | | what is rider as per insurance knoweledge |
It is commonly called a "rider" in life and health insurance, the property and casualty equivalent is normally called an "endorsement." Use the terms interchangeably...they basically mean the same thing.
A rider is a physical addition to an insurance policy, normally at extra premium cost, for the purpose of modifying the terms of coverage in the policy in some manner. There are hundreds of different riders out there, and some are pretty weird.
Did you have some specific concern or rider that you are considering buying or changing on your policy? If you would like some additional information- just ask!
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InsTeacher
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| Posted: Thu May 29, 2008 10:34 am Post subject: |
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InsTeacher, so nice to see you around again! 
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Fri May 30, 2008 5:49 pm Post subject: |
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Lori said:
| Quote: | | InsTeacher, so nice to see you around again! |
I actually got to take some vacation time!!!  What the heck is this world coming to???  Thanks Lori- it's nice to be appreciated!
InsTeacher |
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InsTeacher
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| Posted: Sat May 31, 2008 12:19 pm Post subject: |
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| Quote: | | I actually got to take some vacation time!!! |
TERRIFIC! any place exotic?
| Quote: | | Thanks Lori- it's nice to be appreciated! |
and you are...
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Mon Jun 02, 2008 4:18 pm Post subject: |
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| Quote: | | TERRIFIC! any place exotic? |
Took off to San Francisco and points south...Pescadero, Santa Cruz, Carmel, Pebble Beach (!!!!!), etc. The best part was NO KIDS!!  The worst part was our attempt at Amtrak (  ) The best part was getting OFF of Amtrak ( )
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InsTeacher
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| Posted: Tue Jun 03, 2008 10:09 am Post subject: |
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Sounds terrific! I'm sooooooooo jealous..  ..bad train ride huh?  that's too bad...hope it did'nt ruin the trip for you both..
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Tue Sep 09, 2008 11:59 am Post subject: Riders & waivers |
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| Guys.. I haven't really found any real discussion generating about the riders, & waivers for quite some time. I'm sure many people out there are not too clear about the utility of such coverage. Any volunteers? Fatman |
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fatman
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| Posted: Tue Sep 09, 2008 1:01 pm Post subject: |
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Hi all,
Riders could be regarded as those provisions in an insurance policy that adds more benefits than what has been mentioned in the original insurance policy papers. The only reason that they are being called "riders" is that they are dependent on the mother policy.
Some times the "riders" could be looked upon as term policies that are linked with the permanent policy in order to add values or offer more benefits with it.
Riders could be of 2 types-
- A rider may attach more values with an existing policy
- A rider may also snatch away values from an existing policy
Regards, Roddick |
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roddick
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| Posted: Tue Sep 09, 2008 1:20 pm Post subject: |
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| Quote: | | A rider may attach more values with an existing policy |
Yes, riders that are designed to add more benefits to the original policies could come to you at the expense of an additional premium.
On the other hand the riders which reduce benefits from the original policies are described as Waivers. For a waiver the user is not charged with any additional premium. Say, a person has a fatal hobby that might inflict unavoidable damages for him & his family. A rider could be attached to his policy, such that it states clearly why & to what extend his beneficiary would not be entitled to receive his death benefits in case he dies while indulging in such hobbies. Fatman |
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fatman
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| Posted: Tue Sep 09, 2008 1:31 pm Post subject: |
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Hi Fatman,
Its good to see that you're online too!
When you say about waiver...it reminds me of the waiver of premium rider. I guess it allows a person to enjoy the policy coverage even when he is disabled & certainly not able to pay for the premiums. But yeah, as far as I remember it has to be a total disability for him & a permanent one too. But, what I don't remember over here is whether there is any waiting period for it or not. Thanks, Roddick |
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roddick
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| Posted: Tue Sep 09, 2008 1:43 pm Post subject: |
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| Hey Roddick...yes it would be correct to say that there is a "waiting period" which stretches between 3-6 months. This one would be applicable to the original policy even before the waiver of premiums would act upon it. But, there is one thing which you can be rest assured is that whenever a "payor rider" comes with juvenile insurance policies, it would always waive off the premiums till the point of time the child reaches the "age" as mentioned in the coverage agreement. Fatman |
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fatman
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| Posted: Tue Sep 09, 2008 1:56 pm Post subject: |
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Hi,
I was surfing through online data & got that the "waiver of premiums" has a close link with the 'disability income rider'. The disability income rider would ensure a consistent income from a disabled person's carrier under circumstances that he gets disabled totally & the disability becomes permanent. Such benefits would cover him for the entire period for which he misses his earnings.
See you soon! Roddick |
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roddick
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| Posted: Wed Sep 10, 2008 4:43 am Post subject: |
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| Hi people...I'd love to add accidental death benefit with the ones that you've mentioned over here. Under circumstances when an insured dies in an accident a specific sum of money has to be paid to his beneficiary. This amount is to be covered under this policy. This sum of money is worth the face value of the policy. It is also known as the 'principal sum' & could reach up to 3 to 4 times of the face value. ArindamSenIndies |
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ArindamSenIndies
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