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Simple English definitions for legal terms
ADB
Read a random definition: stock purchase agreement
A quick definition of ADB:
ADB stands for Accidental-Death Benefit. This means that if someone has an insurance policy with an ADB, and they die due to an accident, their beneficiaries will receive an additional payout on top of the regular death benefit. It's like an extra safety net for unexpected and tragic events.
A more thorough explanation:
Definition: ADB stands for Accidental Death Benefit. It is a type of insurance policy that provides additional coverage in case the policyholder dies due to an accident.
Example: Let's say John has a life insurance policy with an ADB rider. If John dies in a car accident, his beneficiaries will receive the death benefit from the policy as well as an additional amount from the ADB rider.
Explanation: The example illustrates how ADB works. It provides extra financial protection to the policyholder's beneficiaries in case of an accidental death. This can help ease the financial burden on the family during a difficult time.