life insurance meaning

Noun: life insurance  lIf in'shûruns
Usage: N. Amer (=life assurance)

1. Insurance paid to named beneficiaries when the insured person dies
   - life assurance [Brit, Cdn]

Derived forms: life insurances

Type of: insurance

Encyclopedia: Life insurance

[Business]
BrE also life assurance) noun [U]

a type of insurance in which you make a single payment or regular payments so that you receive a sum of money when you are a particular age, or so that your family will receive a sum of money when you die:

Sales of life insurance and annuities have increased.

life insurance companies

payouts on life insurance policies

Everyone joining the scheme would get life insurance cover.

[Economics]
A contract providing funds on death or at a certain age. A life insurance (or assurance) policy is a contract whereby, in return for lump-sum or regular premiums, the company provides an agreed sum to the policy-holder's estate in the event of death before some agreed date, or to the policy-holder upon survival to this date. Life policies may be ‘without profits’, that is, for a fixed sum of money, or ‘with profits’, in which case the sum paid out reflects the profits the insurance company has been able to make by investing the premiums. Life insurance policies can also be arranged to provide the policy-holder with an annuity income after retirement, and make provision for surviving spouses or other dependents.

See also:

with-profits life insurance

[Finance]
An insurance policy that pays a monetary benefit to the insured person's survivors after death.

[Medicine]
Insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured.

• credit life insurance:    [Finance]A life in ...
• life insurance in force:    [Finance]The dolla ...
• life insurance policy:    [Finance]The contr ...

Examples

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1. in the 1800s, british statisticians interested in a theoretical foundation for calculating risk of losses in life insurance and commercial insurance.
2. on development orientation of life insurance marketing
3. markov chain model in life insurance application
4. optimal control model in life insurance payment
5. increasing life insurance model under random rates of interest