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.
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Life insurance trust (Life Insurance)
A life insurance policy that names a trust company as a the beneficiary. Benefits are issued under the agreement made with the trust company.
Life insured
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.
Life insurers’ conference (Life Insurance)
An organization comprised of life insurers. This organization allows for the exchange of information on management and management issues between these insurers.
Life of another policy
A life policy taken out by one person on the life of another in whom he has an insurable interest at inception.
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An Insurance Policy taken out on the life of someone else.
Life paid up at age (Life Insurance)
Life insurance that covers the insured for his or her lifetime, but stops payment of premiums at a given age to pay up the policy.
Life underwriter (Life Insurance)
A risk appraiser or life insurance agent.
Life underwriters
See: agent .
Life, accident, sickness and unemployment insurance (LASU)
Creditor insurance under which a death benefit is added to protection against loss of income following accident, sickness and unemployment.
Lifetime Disability Benefit
US: A benefit to help replace income lost by an insured person as long as he/she is totally disabled, even for a lifetime. Disability income payable for the life of the insured as long as he is totally disabled.
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A payment to help replace income lost by an insured person for as long as he is totally disabled, even for lifetime.
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MEDICAL,USA: Insurance contract terms that provide for payment of disability income for an insured’s lifetime as long as he or she is totally disabled.