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Insurance that guarantees a specific sum of money to a designated beneficiary upon the death of the insured or to the insured if he or she lives beyond a certain age. A system in which you make regular payments to an insurance company in exchange for a fixed.
Depending on the contract other events such as terminal illness.
Life insurance meaning. Life insurance can help defray costs of the funeral pay off the estates debts and may provide. Life insurance is a form of insurance in which a person makes regular payments to an. Life insurance is a protection against financial loss that would result from the premature death of an insured.
Meaning pronunciation translations and examples. The life insurance sum is paid in exchange for a specific amount of premium. Life insurance policy the contract that sets out the terms of life insurance coverage.
The named beneficiary receives the proceeds and is thereby safeguarded from the. Life insurance definition is insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured. Life insurance or life assurance especially in the commonwealth of nations is a contract between an insurance policy holder and an insurer or assurer where the insurer promises to pay a designated beneficiary a sum of money the benefit in exchange for a premium upon the death of an insured person often the policy holder.
But the legal life insurance definition is a contract between you and the insurer in which the insurer guarantees a tax free lump sum of cash to your beneficiaries in exchange for a premium. Life insurance is defined as a contract between the policy holder and the insurance company where the life insurance company pays a specific sum to the insured individuals family upon his death. Life insurance definition can be explained as many things such as peace of mind or a security blanket for loved ones.
Insurance providing for payment of a sum of money to a named beneficiary upon the death. A type of life insurance with a limited coverage period. Life insurance n insurance another name for life assurance life insurance n.
Life insurance an insurance policy where in exchange for a premium the insurance company pays a certain benefit to the survivors of the policyholder upon hisher death. Once that period or term is up it is up to the policy owner to decide whether to renew or to let the coverage end.
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