UK: A policy that pays a specified sum on death or upon the life insured surviving a given term of years depending on the type of policy. Insurances are on lives where the contract is not one of indemnity but of an ultimate claim. In the UK ordinary life insurance means all life business that is not within the term industrial life assurance. The principal life contracts are: endowment; whole life; and term insurance. Each type can be adapted or combined to meet a variety of circumstances.
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A policy that pays a specified sum to beneficiaries upon the death of the life assured, or upon the assured surviving a given number of years, depending on the terms of the policy. Life insurance policies may be for fixed or indefinite term. See term life as regards fixed term policies.
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A policy that will pay a specified sum to beneficiaries upon the death of the insured.
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MEDICAL,USA: Type of insurance that provides protection against financial loss resulting from death of the insured individual.

Life insurance in the satellite insurance market refers to an ‘all risks’ insurance in respect of total or partial loss during the operating life of the satellite.

Association (23,000 individual members) with objectives to: (a) promote communication, participation and education within the life insurance industry; (b) improve business standards and heighten professionalism in the selling of life insurance via a professional code; (c) sponsor courses, seminars, etc., to increase awareness of the activities of the life industry; (d) promote understanding with government, the FSA and other bodies.

Operates as part of the ABI dealing specifically with the life insurance industry. Its elected management committee reports to the full council, which in turn reports to the Board of the ABI.

The accumulated savings and contributions of policyholders held against the life companies’ liabilities to pay future claims. The funds are increased yearly by premiums paid and investment income received, less payments made to policyholders, management expenses (including commission), taxation and transfers to shareholders’ funds, where appropriate. Life funds are credited with all or part of any capital appreciation in asset values.

The person whose life is the subject-matter of the life insurance contract. If A effects a policy on the life of B, his partner, B is the life insured. This is a ‘life of another’ policy.