Life Insurance Meaning
Wisconsin state life fund.
Life insurance meaning - 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. The policy holders buy insurance cover from an insurance company and pay specific periodic amounts premiums for the term duration or life of the policy. Insurance providing for payment of a sum of money to a named beneficiary upon the death.
Meaning pronunciation translations and examples. Life insurance definition is insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured. A system in which you make regular payments to an insurance company in exchange for a fixed.
Life insurance n insurance another name for life assurance life insur ance n. Insurance cover that serves two major purposes. The definition of life insurance can be explained as many things such as peace of mind or a security blanket for loved ones.
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 definition explanation. Depending on the contract other events such as terminal illness.
1 to substitute for the insured s income if he or she dies and 2 to qualify the insured for favorable tax treatment. The wisconsin state life fund is a state sponsored life insurance program. The state of.
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. If you were to go by the dictionary definition life insurance is a financial product that pays you or your dependants a sum of money either after a set period or upon your death as the case may be. Life insurance is a form of insurance in which a person makes regular payments to an.
