Enables a life insurance company, unable to obtain a satisfactory discharge for the policy proceeds, to pay them into court.
Tag: RAW
Life assured
the individual on whose death or survival the death benefit under a life assurance policy becomes payable; may not be the same as the assured meaning the holder of the policy.
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The person whose life is insured under a life insurance.
Life bonds
The borrowing of money from the capital market through the sale of bonds by a special purpose vehicle. The bonds are secured against the anticipated surplus from a portfolio of life insurance or pensions policies. The surplus will be used wholly or partly, depending on whether there are shortfalls in the anticipated surplus, to meet repayment and interest obligations. The SPV arranges reinsurance to provide liquidity where the surpluses are not adequate to pay the bondholder. See SECURITISATION.
life care at home (LCAH)
Type of health care program in which the elderly live at home instead of at a centralized location. It resembles a continuing care retirement community (CCRC).
Life conservation (Liability Insurance)
The administration of attempts to conserve human lives by means of research, lawmaking, and increasing public awareness.
Life expectancy
In insurance, the average number of years of life remaining for individuals of a given age according to a particular mortality table. Also called expectation of life .
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UK: The average number of years that a person of a given age may be expected to survive. See MORTALITY TABLE.
Life expectancy (Liability Insurance)
The average amount of years remaining in a person’s life, using the mortality table as a reference.
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.