What's Meaning Of Life Insurance
ə ns UK also life assurance a system in which you make regular payments to an insurance company in exchange for a fixed amount of money that will be paid to you when you reach a certain age or paid to someone you have named usually a member of your family when you die SMART Vocabulary.
What's meaning of life insurance. Many people find that purchasing life insurance actually helps bring peace of mind as they make decisions regarding the future. It helps to think about it like this. In most situations the concept of the Face Amount can often commonly be replaced by Death Benefit.
In other words the insured is the covered individual in the life insurance contract. Life insurance is a contract between an insurance policy holder and the insurance provider known as the insurer that guarantees to pay the designated amount to the beneficiary in case of the death of the insured person. If youve worked hard to build the quality of life you enjoy you want to protect that for your loved ones if something were to happen to you.
Life Insurance is defined as a contract between the policy holder and the insurance company where the life insurance company pays a specific sum to the insured individuals family upon his death. The life insurance sum is paid in exchange for a specific amount of premium. Coverage in Exchange for Premiums If youre looking for a simple definition of life insurance you need to understand that the coverage you receive is defined in a contract otherwise known as a policy.
Life insurance synonyms life insurance pronunciation life insurance translation English dictionary definition of life insurance. But the legal life insurance definitionis a contract between you and the insurer in which the insurer guarantees a tax-free lump sum of cash to your beneficiaries in exchange for a premium. Its the amount of death benefit purchased which indicates the amount of money the policy will pay to the beneficiary or beneficiaries when the insured person dies.
In addition to paying a death benefit whole life insurance also contains a. Life insurance is a plan for the unexpected it offers financial protection to your loved ones if you die suddenly by replacing your income. In some forms of life insurance the.
The Face Amount of Life Insurance. In any life insurance policy the insured is the person on whom the protection is purchased. What is Life Insurance.
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