life insurance

Noun
  1. Insurance paid to named beneficiaries when the insured person dies (synset 113368252)
    "in England they call life insurance life assurance"
    is a type of: insurance - promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
    subtypes:
    • endowment insurance - life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured
    • tontine, tontine insurance - a form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members
    • ordinary life insurance, straight life insurance, whole life insurance - insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured
    same as: life assurance

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