life insurance definition

  • noun:
    • insurance coverage that guarantees a particular amount of cash to a designated beneficiary upon the loss of the insured or even to the insured if they lives beyond a certain age.
    • a kind of insurance regarding the life of you. In the event that individual dies then your insurance pays out a sum of money to your policyholder (eg someone's family members).
    • See under Lifetime.
    • the work or system of insuring against death; a contract where the insurer undertakes, in consideration regarding the payment of reduced (usually at stated periods), to cover a stipulated sum in the eventuality of the loss of the insured or of a 3rd individual in whose life the insured has a pursuit.
    • identify insurance, 1.
    • insurance compensated to known as beneficiaries as soon as the insured individual dies

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