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Glossary

Insurance Rider

DEFINITION

An insurance rider is an add-on to a basic insurance policy that increases or extends the benefits provided. It is commonly used to tailor coverage to the policyholder's needs.

ELI5

It is like adding an extra feature to your insurance plan so you get more protection in the areas you want.

Other related terms

Standard Deviation

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Lapse

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All Risk Coverage

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Co-Insurance (also known as co-payment)

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