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 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 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.

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 .

Maximum amount of insurance benefits payable under an insurance policy.

Largest dollar amount that an insurance company will pay for an insured’s claims in a lifetime and/or the greatest dollar amount paid for all illnesses and injuries for each insured as long as the certificate is in effect. Also called total certificate membership benefit maximum and lifetime maximum .

Medicare Part A coverage that means a reserve of 60 days of inpatient hospital care available over an individual’s lifetime that the individual may use after he or she has used the maximum 90 days allowed in a single benefit period. For each lifetime reserve day, Medicare pays all covered costs except for a daily coinsurance ($534 in 2009). Also referred to as lifetime reserve or reserve days .