Definition: The insurance 50D refers to the 50,000-dollars standard life policy which was introduced in Australia on April 1, 2007. The 50,000-dollar standard life policy is a nonlife insurance contract that insures death benefits and survivors' benefits to individuals under 84 years of age who have lived over the previous 36 months and are not entitled to receive disability or long-term care payments. The policy provides a guaranteed minimum lifetime income benefit in the event of death.
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