life insurance
life insurance n: insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance
ordinary life insurance: whole life insurance in this entry
straight life insurance: whole life insurance in this entry
term life insurance: life insurance that provides coverage for a set term and does not accumulate cash surrender value
universal 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 account
universal variable life insurance: variable universal life insurance in this entry
variable 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 annuity
variable 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. . 1996.

life insurance
See insurance

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


life insurance
life assurance or insurance
a 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. . 2001.


life insurance
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 Insurance
Category: Wills, Trusts & Estates → Getting Your Affairs in Order

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • life insurance — insurance providing for payment of a sum of money to a named beneficiary upon the death of the policyholder or to the policyholder if still living after reaching a specified age. [1800 10] * * * Method by which large groups of individuals… …   Universalium

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  • Life insurance — Life Life (l[imac]f), n.; pl. {Lives} (l[imac]vz). [AS. l[imac]f; akin to D. lijf body, G. leib body, MHG. l[imac]p life, body, OHG. l[imac]b life, Icel. l[imac]f, life, body, Sw. lif, Dan. liv, and E. live, v. [root]119. See {Live}, and cf.… …   The Collaborative International Dictionary of English

  • life insurance — ► NOUN ▪ insurance that pays out a sum of money either on the death of the insured person or after a set period …   English terms dictionary

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  • life insurance — see assure, assurance …   Modern English usage

  • Life insurance — The foundation of life insurance is the recognition of the value of a human life and the possibility of indemnification for the loss of that value. F. C. Oviatt, Economic place of insurance and its relation to society[1] Life insurance is a… …   Wikipedia

  • life insurance — noun insurance paid to named beneficiaries when the insured person dies in England they call life insurance life assurance • Syn: ↑life assurance • Hypernyms: ↑insurance • Hyponyms: ↑endowment insurance, ↑tontine, ↑ …   Useful english dictionary

  • life insurance — An insurance policy that pays a monetary benefit to the insured person s survivors after death. Bloomberg Financial Dictionary Insurance policy valid for a limited period (term life) or throughout the insured s life (whole life) whereby an… …   Financial and business terms

  • life insurance — N UNCOUNT Life insurance is a form of insurance in which a person makes regular payments to an insurance company, in return for a sum of money to be paid to them after a period of time, or to their family if they die. I have also taken out a life …   English dictionary

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