An insurance policy issued at a higher than standard premium rate to cover the extra risk involved in certain instances where the insured does not meet the standard underwriting requirements; for example, impaired health or a particularly hazardous occupation.
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MEDICAL,USA: Insurance contract issued to an individual in a greater-than-average likelihood of loss classification such as impaired health or a hazardous occupation. This type of policy may have an exclusion clause and/or higher premium rate than a standard policy. Sometimes called an extra-risk policy .
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US: Sometimes called an “extra risk” policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation.