life assurance meaning

  "life assurance" in a sentence
Noun: life assurance
Usage: Brit, Cdn (=life insurance)
  1. Insurance paid to named beneficiaries when the insured person dies
    - life insurance [N. Amer]

Derived forms: life assurances

Type of: insurance

Encyclopedia: Life assurance


[Economics]
An insurance policy that pays a specified amount of money on the death of the life assured or, in the case of an endowment assurance policy, on the death of the life assured or at the end of an agreed period, whichever is the earlier. Life assurance grew from a humble means of providing funeral expenses to a means of saving for oneself or one's dependants, with certain tax advantages. With-profits policies provide sums of money in excess of the sum assured by the addition of bonuses. Unit-linked policies invest the premiums in funds of assets, by means of buying units in the funds.

See also:

whole of life policy.


[Law]
Insurance providing for the payment of a sum on the occurrence of an event that is in some way dependent upon a human life. In endowment assurance the insurer is liable to pay a fixed sum either at the end of a fixed period or at death if the insured should die in the meantime. Whole-life assurance provides for the payment of a fixed sum on the death of the insured. Term (or temporary) assurance provides for a fixed sum to be paid in the event of the death of the insured within a specified period.

Examples

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  1. dah sing life assurance company limited
  2. part 2 concentrates on the analysis of the assets and liabilities structure in our country's life assurance companies
  3. currently, only very few people deal with the study on the management theory of life assurance assets and liabilities
  4. conversely, the proper management of assets and liabilities gained some achievement for american life assurance industry
  5. this article makes an attempt to discuss the management of life assurance assets and liabilities from the aspect of assets and liabilities

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