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Depending on the contract other events such as terminal illness. Life insurance is a protection against financial loss that would result from the premature death of an insured.
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.
Life insurance definition. 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. Meaning pronunciation translations and examples. 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.
Life insurance synonyms life insurance pronunciation life insurance translation english dictionary definition of life insurance. Life insurance is a form of insurance in which a person makes regular payments to an. A type of life insurance with a limited coverage period.
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.
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