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

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  • 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

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  • 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

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