life insurance policy meaning

[Finance]
The contract that sets out the terms of life insurance coverage.

Examples

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1. non-investment-linked life insurance policy
2. for individual life insurance policies, there are two basic types : term and whole
3. parents have cashed in life insurance policies to cover the cost of one year
4. advocates the donation of life insurance policy payouts to charitable organisations
5. these are supplementary contracts which can be linked to your basic life insurance policy