The average amount of years remaining in a person’s life, using the mortality table as a reference.
Insurance Encyclopedia
Life expectancy term insurance (Liability Insurance)
Term life insurance that is issued for the amount of years the insured expects to live. This differs from an ordinary life insurance policy, which is typically issued to a specific age, often 65 years.
Life fund
See: life insurance fund.
Life income (Liability Insurance)
An option available under a settlement agreement wherein the beneficiary is paid in installments for the rest of his or her life, even if the principal amount is already exhausted.
Life income option
Life insurance settlement option in which the insurance company uses the policy proceeds and interest to pay the beneficiary as long as the beneficiary lives.
Life income option with period certain
Life insurance settlement in which the insurance company guarantees to pay the beneficiary for a specific time to continue as long as the original beneficiary lives. If the original beneficiary dies during the guaranteed period, payments are made to a recipient specified by the original beneficiary until the end of the guaranteed period and then all payments cease.
Life income option with refund
Type of life insurance settlement in which the insurance company guarantees that if the beneficiary dies before the total amount paid under the option equals the proceeds of the policy, then the insurer pays the difference to a contingent payee. Also called refund life income option .
life income with period certain annuity
See: life annuity with period certain .
Life insurance
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 (Life Insurance)
A system of sharing risk that pays a specified amount of benefits if the insured dies. Depending on the terms specified in the plan, the insured may receive benefits under other circumstances, such as disability.