Accidental Death Benefit

Value paid to the benficiary of an accidental death insurance policy or a life insurance policy having an accidental death clause or rider, in the event the insured dies because of an accident. Such policies or clauses often provide also for bodily injury causing various forms of dismemberment, in which case the benefit is paid to the insured. Double or triple idemnity policies pay twice or three times the face value of the policy. Exclusions typically apply to death or injury caused by war, illegal activities, or noncommercial aviation. Time (meaning death or dismemberment must occur within a specified period following an accident) and age limits usually apply.

In a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. In double indemnity, twice the face value of the policy will be paid to the beneficiary; in triple indemnity, three times the face value is payable. Accidental death caused by war, aviation except as a passenger on a regularly scheduled airline, and illegal activities is generally excluded. Time and age limits are usually applicable, as for example, the insured must die within 90 days of the accident and be age 60 or less.

A provision of a life insurance policy stating that if the insured — the person whose life has been insured — dies in an accident, the beneficiary of the policy — the person to whom its proceeds are payable — will receive twice the face value of the policy.

The insurance company that is liable for the payment of such a benefit will conduct a thorough investigation into the cause of death of the insured person before paying the claim.

Another name for an accidental death benefit is a double indemnity clause.