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- DictionaryLife in·sur·ance/ˈlīf inˌSHo͝orəns/
noun
- 1. insurance that pays out a sum of money either on the death of the insured person or after a set period: "he has taken out life insurance"
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noun
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Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment.... Wikipedia