Life Insurance Policy
/ˈlaɪf ɪnˈʃʊərəns ˈpɒlɪsi/
Definitions
- (n.) A contract between an insurer and the insured, providing a death benefit to named beneficiaries upon the insured’s death in exchange for premium payments.
He purchased a life insurance policy to ensure his family’s financial security after his passing.
Forms
- life insurance policy
- life insurance policies
Related terms
See also
Commentary
Draft policies with clear definitions of beneficiaries, premiums, and coverage terms to avoid disputes.
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.