Rider Defined
A rider refers to the modifications added in the insurance policy at the time that it is issued. A rider is usually added to the policy to accommodate the features requested by its owner. A rider may be in the form of accidental death and premium waiver. An accidental death rider, also known as double indemnity, requires the insurer to double the payment of the policy face value should the policy owner die as a result of untoward accidents. Premium waiver, on the other hand, waives future premiums in cases where the policy owner becomes critically ill or permanently disabled.