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- Dictionarylife in·sur·ance/ˈlīf inˌSHo͝orəns/
noun
- 1. insurance that pays out a sum of money either on the death of the insured person or after a set period: "he has taken out life insurance"
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noun
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Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The ben... Wikipedia