Life insurance

(redirected from Life Insurance Contracts)
Also found in: Dictionary, Thesaurus, Encyclopedia.

Life insurance

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

Life Insurance

An insurance policy where, in exchange for a premium, the insurance company pays a certain benefit to the survivors of the policyholder upon his/her death. Life insurance can help defray costs of the funeral, pay off the estate's debts, and may provide for the survivors' (notably a widow or widower) future. There are two main types of life insurance. Term life insurance lasts only for a certain period of time and pays the death benefit only if the policyholder dies during that time. Whole life insurance lasts as long as the policyholder remains alive and provides a savings component against which the policyholder can borrow under most circumstances.

Life insurance.

Life insurance is a contract you sign with an insurance company, obligating it to pay a death benefit of a certain value to the beneficiaries you name.

In most cases, the payment is made at the time of your death, but certain policies allow you to take a portion of the death benefit if you are terminally ill and need the money to pay for healthcare.

You may select either term or permanent insurance. With a term policy, you are insured for a specific period of time. When the term ends, you must renew the policy for another term or change your coverage. Otherwise, you're no longer insured. With a permanent policy, you can buy coverage for your lifetime.

You pay an annual premium, typically billed monthly or quarterly, for the coverage. The insurer sets the cost, based on your age, health, lifestyle, and other factors. With a permanent policy, your premium is fixed, but with a term policy it typically increases when you renew your coverage to reflect the fact that you're older.

References in periodicals archive ?
The definitions in the proposed regulations for life insurance contracts, annuity contracts and noncancelable and guaranteed renewable accident and health contracts do not vary from their general definitions.
Because the essence of a life insurance contract is the life of the person insured under the contract, this change was considered to be a change in the fundamental substance of the original contract.
In Appendix B we extend the analysis concerning the sensitivity of option values in participating life insurance contracts by providing three more examples.
The potential yield of a life insurance contract when the policyholder's health has deteriorated is so great that other creative options to preserve the contract should be explored before making any decision to sell.
Although health problems usually are a hurdle for life insurance contracts, the salespeople signed the contracts by explaining to the clients that the insurer's in-house rules stipulate that it cannot annul the contracts after they have been in effect for two years, the sources said.
The arrangements involve an employer's establishment of a plan and deduction of plan contributions used to purchase specially designed life insurance contracts for highly compensated employees (HCEs).
What should protect policyholders is a standard nonforfeiture law that requires fair nonforfeiture values and applies to all life insurance contracts.
Shares of The Park Avenue Portfolio(R) family of mutual funds, GIAC variable annuities and GIAC variable life insurance contracts are sold by prospectus only.
83 applied to split-dollar life Insurance contracts.
Full access to view value of life insurance contracts.
Life insurance contracts all contain minimum guarantees an insurance company feels it can provide over the 50 or more years the policy may remain in force.
It is shown that the AHP, as a decision-making methodology, unifies the characteristics of life insurance contracts with an individual's preference set to create a determinate model which assists an individual in selecting a life insurance contract while considering simultaneously the ordering of all characteristics important to the individual.

Full browser ?