Life Insurance
/ˈlaɪf ɪnˌʃʊərəns/
Definitions
- (n.) A contract in which an insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person or after a set period.
She purchased life insurance to ensure her family's financial security after her death.
- (n.) The actual insurance policy issued as evidence of the life insurance contract.
The life insurance policy outlines the terms and beneficiaries of the coverage.
Forms
- life insurances
Related terms
See also
Commentary
Life insurance contracts require clear definition of insured events and beneficiaries to avoid disputes; drafters should specify terms for premiums, coverage duration, and payout conditions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.