ACCELERATED BENEFITS Meaning and
Definition
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Accelerated benefits refer to a feature found in certain insurance policies and programs that allows policyholders to access a portion of their benefits before the completion of the policy or program term. This provision is typically available to individuals who are facing a terminal illness, critical illness, or permanent disability. It aims to provide financial assistance to policyholders who require immediate funds for medical treatments, living expenses, or other needs.
In the case of life insurance policies, accelerated benefits allow policyholders to receive a percentage of the death benefit while they are still alive, once they have been diagnosed with a terminal illness and have a specified life expectancy. This allows policyholders to use the funds to alleviate medical costs and maintain their quality of life during their remaining time.
With health insurance policies, accelerated benefits provide coverage for significant medical conditions such as cancer, stroke, or heart attack, allowing policyholders to receive a lump sum payment or periodic payments to cover medical expenses or lost income due to their condition.
The benefit amount available through accelerated benefits varies based on the terms of the policy or program. There may be certain limitations and conditions that apply, such as a waiting period or specific eligibility criteria. It is essential for policyholders to review their policies carefully and consult with their insurance providers to understand the extent and limitations of accelerated benefits.
Etymology of ACCELERATED BENEFITS
The etymology of the phrase "accelerated benefits" can be broken down as follows:
1. Accelerate: This word originated from the Latin word "accelerare", which means "to quicken" or "to hasten". It is derived from the prefix "ad-" meaning "to" and "celer" meaning "quick". The term "accelerate" was first used in the English language in the early 16th century.
2. Benefits: The word "benefit" comes from the Latin word "benefactum", which means "a good deed" or "something well done". "Benefactum" is a combination of "bene" meaning "well" and "facere" meaning "to do" or "to make". "Benefactum" eventually evolved into "benefit" in English, referring to something advantageous or good.
