Human-Life Approach(redirected from Human Life Approach)
A way to calculate the benefit of a life insurance policy. One takes the human-life approach when one considers the financial loss to a family if the policyholder died immediately. This includes after-tax wages, benefits, insurance, and so forth. The human-life approach seeks to compensate the dependents of the policyholder for these losses. The human-life approach is used almost exclusively in situations where the policyholder is working.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved