Type of life insurance policy that continues during the whole of the insured’s life and provides for the payment of amount insured at death or at a specific age. Premiums may be paid for a specific number of years (limited payment life) or for life (straight life). See also continuous-premium whole life insurance . Also called ordinary life insurance, straight life insurance , or continuous-premium whole life insurance .
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LIFE: Life insurance that remains valid throughout the length of a person’s life, however long that may be. This type of policy accumulates a nonforfeiture value, which can be paid in different ways, depending on the type of policy.

Type of term life insurance for a small group employed by the same company. Each employee applies for, is given a special rate, and owns his or her own policy. Also called franchise, blanket , or employee life plan or wholesale plan .

System of marketing in which an insurance company allows a product to be sold by a third party, which adds its own commission and fees and resells the product to its clients.