Okuzeka
Insurance vocabulary · Coverage & Exclusions

Rider

Meaning in insurance, with examples

/ˈraɪdər/nounCommon term

In insurance, rider means: An optional extra added to a basic policy, especially in life and health insurance, that gives additional cover for an extra premium.

In Turkish: ek teminat, ek sözleşme

How it is used

Common in US life insurance: critical illness rider, accidental death rider, waiver of premium rider. British English more often says 'add-on' or 'optional extra'. Customers add or attach a rider to a policy.

Example sentences

  1. You can add a critical illness rider for an extra 40 lira a month.

  2. The disability rider pays the premiums if you can no longer work.

Common collocations

  • add a rider
  • critical illness rider
  • accidental death rider
  • policy rider
  • coverageThe protection a policy gives: which risks, losses and amounts the insurance company will pay for.
  • endorsementA written change added to an existing policy, for example to add a driver, change an address or increase the sum insured.
  • life insuranceInsurance that pays a sum of money to the named beneficiaries when the insured person dies, and in some products also builds up savings.
  • premiumThe amount of money a customer pays to an insurance company for a policy, usually once a year or in monthly instalments.

More terms: Coverage & Exclusions

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This page explains English vocabulary for learners. It is not financial advice.