Definition and meaning of Life insurance :

A policy that pays a specified sum to beneficiaries upon the death of the life assured, or upon the assured surviving a given number of years, depending on the terms of the policy. Life insurance policies may be for fixed or indefinite term. See term life as regards fixed term policies.

(Source Lloyd's )

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Definition and meaning of LIFE INSURANCE :

LIFE INSURANCE: See Ordinary life insurance; Term insurance; Variable life insurance; Whole life insurance

(Source: Insurance Information Institute )

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Definition and meaning of Insured or Insured Life :

Insured or Insured Life: The person on whose life the policy is issued.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Insurance :

Life Insurance: Insurance providing for payment of a specified amount on the insured's death, either to his or her estate or to a designated beneficiary; or in the case of an endowment policy, to the policy holder at a specified date.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Insurance, Whole Life :

Life Insurance, Whole Life: See Whole Life Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Variable Life Insurance :

Variable Life Insurance: A form whose face value varies depending upon the value of the dollar or securities or other equity products at the time payment is due. (LI)

(Source: InsWeb)

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Definition and meaning of Whole Life Insurance :

Whole Life Insurance: Insurance which may be kept in force for a person's whole life and which pays a benefit upon his death, whenever that may be. All Whole Life policies build up nonforfeiture values, but they are paid for in 3 different ways. Under a Straight or Ordinary Life policy, premiums are paid for as long as the insured lives. A single premium policy is paid for at one time in one premium. Between these two types there are many limited-payment plans, under which the insured pays premiums for a certain period or until reaching a certain age. Contrast with Term Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Permanent Life Insurance :

Permanent Life Insurance: A term loosely applied to Life Insurance policy forms other than Group and Term, usually Cash Value Life Insurance, such as endowments and Whole or Ordinary Life policies. (LI)

(Source: InsWeb)

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Definition and meaning of Savings Bank Life Insurance :

Savings Bank Life Insurance: Life Insurance sold by mutual savings banks. Allowed only in a few states, such as New York, Connecticut, and Massachusetts. (LI)

(Source: InsWeb)

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Definition and meaning of Credit Life Insurance :

Credit Life Insurance: A group life insurance contract whereby a creditor is protected in the event of death of the insured prior to the indebtedness being paid in full. (LI)

(Source: InsWeb)

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Definition and meaning of Split Life Insurance :

Split Life Insurance: A combination of Installment Annuity and Term Insurance under which the amount of annuity consideration (premium) paid determines the amount of one-year renewable Term Insurance an annuitant can purchase and place on the life of anyone designated. (LI)

(Source: InsWeb)

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Definition and meaning of Debit Life Insurance :

Debit Life Insurance: See Industrial Life Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Dependent Life Insurance :

Dependent Life Insurance: A life insurance benefit which is part of a group life insurance contract which provides death protection to the eligible dependents of a covered employee. (LI)

(Source: InsWeb)

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Definition and meaning of Group Life Insurance :

Group Life Insurance: Life Insurance provided for members of a group. It is most often issued to a group of employees but may be issued to any group provided it is not formed for the purpose of buying insurance. The cost is lower than for individual policies because administrative expenses per life are decreased, there are certain tax advantages, and measures taken against adverse selection are effective. See also Franchise Insurance, True Group, and the first definition of Master Policy. (LI)

(Source: InsWeb)

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Definition and meaning of Individual Life Insurance :

Individual Life Insurance: (1) That type of Life Insurance which covers in one contract usually only one insured. (2) The term used to distinguish this type of Life Insurance from Group Life Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Industrial Life Insurance :

Industrial Life Insurance: One of the major classes of insurance. It is generally sold in amounts of less than $1,000 by agents who service insureds on debits. The premiums are collected weekly or monthly at the address of the insured. See also Debit. (LI)

(Source: InsWeb)

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Definition and meaning of Institute of Life Insurance :

Institute of Life Insurance: Formerly an agency of the Life Insurance business responsible for building the image of Life Insurance through a variety of programs. It is now a division of the American Council of Life Insurance. (LI)

(Source: InsWeb)

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Definition and meaning of Life Insurance, Generic :

Life Insurance (Generic): A contractual system of risk sharing under which contributions are accumulated and redistributed to meet the economic consequences of the uncertain duration of life. (LI)

(Source: InsWeb)

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Definition and meaning of Life Insurance, Narrow :

Life Insurance (Narrow): An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured, or under other circumstances specified in the contract, such as total disability. (LI)

(Source: InsWeb)

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Definition and meaning of Life Insurance, Ordinary :

Life Insurance, Ordinary: See Ordinary Life Insurance. (LI)

(Source: InsWeb)

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