What does Second Death Insurance mean? Read on to discover the definition & meaning of the term Second Death Insurance - to help you better understand the language used in insurance policies.
Second Death Insurance
Second death insurance (also known as dual-life insurance, survivorship policy, and second-to-die insurance) is a type of life insurance policy that only pays the death benefit when both both of the joint policyholders pass away. Unlike other life insurance policies, there is no death benefit paid if only one of the policyholders dies.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Second Death Insurance. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: