life insurance

life insurance
A contract, known as a policy, by which the insurer in consideration of the payment to it by the insured of a certain sum, or certain sums, of money known as a premium or premiums, measured and proportioned in amount according to factors affecting the risk of death, such as the age, health, and occupation of the insured, assumes the risk of insured's death by agreeing to pay a fixed amount to the estate of the insured or a beneficiary designated by the insured; or, in the case of an endowment policy, agrees to pay the insured the amount of the policy in one sum, or in an annuity, upon the expiration of the endowment period during the life of the insured. Tyler v Treasurer, 226 Mass 306, 115 NE 300; Fox v Swartz, 235 Minn 337, 51 NW2d 80, 30 ALR2d 739; St. John v American Mut. Life Ins. Co. 13 NY 31. Not a contract of indemnity. 29 Am J Rev ed Ins § 4.

Ballentine's law dictionary. . 1998.

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  • life insurance — n: insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance: whole life insurance in this entry straight life insurance …   Law dictionary

  • life insurance — insurance providing for payment of a sum of money to a named beneficiary upon the death of the policyholder or to the policyholder if still living after reaching a specified age. [1800 10] * * * Method by which large groups of individuals… …   Universalium

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  • Life insurance — Life Life (l[imac]f), n.; pl. {Lives} (l[imac]vz). [AS. l[imac]f; akin to D. lijf body, G. leib body, MHG. l[imac]p life, body, OHG. l[imac]b life, Icel. l[imac]f, life, body, Sw. lif, Dan. liv, and E. live, v. [root]119. See {Live}, and cf.… …   The Collaborative International Dictionary of English

  • life insurance — ► NOUN ▪ insurance that pays out a sum of money either on the death of the insured person or after a set period …   English terms dictionary

  • life insurance — n. insurance in which a stipulated sum is paid to the beneficiary or beneficiaries at the death of the insured, or, if specified, to the insured at a certain age …   English World dictionary

  • life insurance — see assure, assurance …   Modern English usage

  • Life insurance — The foundation of life insurance is the recognition of the value of a human life and the possibility of indemnification for the loss of that value. F. C. Oviatt, Economic place of insurance and its relation to society[1] Life insurance is a… …   Wikipedia

  • life insurance — noun insurance paid to named beneficiaries when the insured person dies in England they call life insurance life assurance • Syn: ↑life assurance • Hypernyms: ↑insurance • Hyponyms: ↑endowment insurance, ↑tontine, ↑ …   Useful english dictionary

  • life insurance — An insurance policy that pays a monetary benefit to the insured person s survivors after death. Bloomberg Financial Dictionary Insurance policy valid for a limited period (term life) or throughout the insured s life (whole life) whereby an… …   Financial and business terms

  • life insurance — N UNCOUNT Life insurance is a form of insurance in which a person makes regular payments to an insurance company, in return for a sum of money to be paid to them after a period of time, or to their family if they die. I have also taken out a life …   English dictionary

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