- life insurance
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life insurance n: insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insuranceordinary life insurance: whole life insurance in this entrystraight life insurance: whole life insurance in this entryterm life insurance: life insurance that provides coverage for a set term and does not accumulate cash surrender valueuniversal life insurance: life insurance characterized by flexible premiums, benefits, and payment schedules, by the indexing of cash value to money market interest rates, and by the periodic reporting of current value and company costs charged to the accountuniversal variable life insurance: variable universal life insurance in this entryvariable life insurance: life insurance in which all or part of the cash value of the policy is located in a tax-deferred investment portfolio with risk assumed by the insured for investment losses compare variable annuity at annuityvariable universal life insurance: universal life insurance that includes the investment component of variable life insurance – called also universal variable life insurance;whole life insurance: life insurance that provides coverage over the life of the insured and that can be sold for surrender value or used as the basis of low-interest loans – called also ordinary life insurance, straight life insurance;
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- life insurance
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life assurance or insurancea contractual arrangement under which, in return for a stipulated premium, a life assurance company undertakes to pay, on the death of the life assured or on the occurrence of such other events as may be agreed, a specified sum of money.
Collins dictionary of law. W. J. Stewart. 2001.
- life insurance
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A contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policyholder. In exchange, the policyholder pays a regularly scheduled fee, known as the insurance premiums. The purpose of life insurance is to provide financial support to those who survive the policyholder, such as family members or business partners. When the policyholder dies, the insurance proceeds pass to the beneficiaries free of probate, though they are counted for federal estate tax purposes. There are many types of life insurance, including: term life insurance, whole life insurance, and universal life insurance.Category: Personal Finance & Retirement → Life InsuranceCategory: Wills, Trusts & Estates → Getting Your Affairs in Order
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
