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Life insurance is a policy which provides a
stated benefit upon the holder's death, it's a contract between an
insurance company and an individual, a protection against the lost income
that would result if the insured were to pass away. The named beneficiary
receives the proceeds and is thereby safeguarded from the financial impact
of the death of the insured.
Term life insurance is life insurance coverage
at a guaranteed rate for a specified period of time,
it's acontract that provides a death
benefit but no cash build-up or investment component. The premium remains
constant only for a specified term of years, and the policy is usually
renewable at the end of each term. Life insurance that provides a death
benefit only if the insured dies during the period specified in the policy.
If the insured survives until the end of the period, coverage ceases
without value. Contrast with permanent life insurance. Term life insurance
provides protection for a limited period of time and pays benefits only if
you die during the specified term. Term policies have a fixed premium for
the length of the policy, these premiums are usually increased when you
renew a policy because you are older and your chances of dying have
increased - this risk is reflected in your insurance costs A 10 year term
policy will begin with lower premiums, but a 20 year term policy will end
up with lower premiums.
Definitions of LIFE INSURANCE on the Web:
A policy that will pay a specified sum to beneficiaries upon the death of
the insured.
www.state.nj.us/dobi/om_gloss.htm
An agreement that guarantees the payment of a stated amount of monetary
benefits upon the death of the insured.
www.new-york-life-insurance-quotes-company.com/glossary.html
protection against the death of the insured in the form of payment to a
designated beneficiary, typically a family member or business
www.mdinsurance.state.md.us/jsp/glossary/Glossary.jsp10
Risk insurance intended as protection against the financial consequences of
the death of the insured person which takes the form of payment of a
previously agreed lump sum or pension to a beneficiary, if the insured
person dies during the term of insurance. In the case of pure life
insurance, without any endowment insurance component, no payments are due
if the insured person survives the term of insurance.
www.swisslife.ch/home/en/tools/glossar.html
Gifts of life insurance allow donors to make sizeable gifts to the
Foundation at a relatively low cost. To make such a gift, you would name
the Indiana University Foundation irrevocable beneficiary of a life
insurance policy, then deliver and assign ownership of the policy to the
Foundation. When you pay the annual premium, you will be entitled to deduct
the amount of the premium, if you itemize. Gifts of life insurance policies
may offer estate planning possibilities. You may designate the Foundation
as the primary, secondary, remainder, or residual beneficiary of a policy.
There are a variety of policy options available. You will want to discuss
your plans with the Foundation's Planned Giving staff and/or an insurance
adviser.
www.iuf.indiana.edu/qlinks/glossary.shtml
An agreement that guarantees the payment of a stated amount of monetary
benefits upon the death of the insured. RETURN TO INDEX
www.termlifepros.net/glossary.html
A contract agreement between the certificate holder and the insurance
company, providing a specified sum to beneficiaries upon the death of the
insured.
www.royalneighbors.com/virtual_community/financial_future/Glossary.cfm
An insurance policy that pays a set amount to those named in the policy
(the "beneficiaries") when the policy-holder dies.
www.fcac-acfc.gc.ca/eng/glossary.asp
A plan that pays a beneficiary upon the death of the insured. Please see
our basics page to learn more about the different types of life insurance
policies.
www.yourinvestmentclub.com/dictionary.htm
Insurance coverage that pays out a set amount of money to specified
beneficiaries upon the death of the individual who is insured.
www.insurancetraders.com/glossaryl-m.html
An insurance policy that pays a monetary benefit to the insured person's
survivors after death.
www.americo.com/glossary/bfglosl.html
Insurance providing payment of a specified sum of money to a beneficiary
when the insured dies.
www.tiaa-cref.org/libra/dictionary/glossl.html
A policy that will pay a specified sum to beneficiaries upon the death of
the insured. There are many types of life insurance, including whole life,
term life, universal life, etc.
www.getmequote.com/info/glossary.php
A life insurance policy will probably only pay out following your death.
Some policies have a death and investment content. If the death benefits
are written under trust, they are not included in your estate for
Inheritance Tax purposes.
www.taxcentral.co.uk/taxcentral/home/glossary/glossaryl/default.asp
Insurance in which the risk insured against is the death of a particular
person, the insured, upon whose death while the policy is in force, the
insurance company agrees to pay a stated sum or income to the beneficiary.
www.farmers.com/FarmComm/glossary/glossaryL.jsp
Insurance that guarantees a specific sum of money to a designated
beneficiary upon the death of the insured.
www.columbianational.com/pages/too_4L.htm
Insurance that provides protection against the economic loss caused by the
death of the person insured.
www.1stinsured.com/l.htm
A policy payable upon the death of the insured, usually referred to as
assurance.
www.mortgages.co.uk/glossary/l.html
A legal contract between an insurance company and an owner/insured to
provide protection against adverse financial consequences of the death of
an individual in the form of payment to a beneficiary.
www.harboria.com/glossary.htm
Insurance that pays a stipulated sum to a designated beneficiary upon the
death of the insured. Protects the insured's beneficiary against the
financial consequences of the insured's premature death.
www.schreiberagency.com/Workbench/glossary.htm
Any insurance relating to a risk depending on human life. This includes
contracts providing payment on the insured person's death, endowments
providing payment either on survival to a specified date or on earlier
death and annuities which are paid throughout the annuitant's lifetime but
cease on death.
www.merchantscapital.com/glossary-L.html
A contract between an insurance company and an individual, generally
guaranteeing payment to the beneficary(ies) on the insured's death. See
also: [variable life insurance]
www.westernreserve.com/site1/investor_ed/insgl.jhtml
Insurance that pays a specified sum of money to designated beneficiaries if
the insured person dies during the policy term.
www.yourquote.com/Resources/glossary.htm
A type of insurance that pays a benefit if the person who is insured by the
contract dies while the insurance is in force.
www.minnesotamutual.com/news/glossary_pages/glossary_l.html
A contract whereby, for a stipulated premium, the insuring company agrees
to pay the insured, or his beneficiary, a fixed sum or its equivalent in
income, upon the happening of death or some other specified event.
pifc.org/insurance/glossary.html
insurance paid to named beneficiaries when the insured person dies; "in
England they call life insurance life assurance"
www.cogsci.princeton.edu/cgi-bin/webwn
Definitions of Term life insurance on the Web:
A contract that provides a death benefit but no cash build up or investment
component. The premium remains constant only for a specified term of years,
and the policy is usually renewable at the end of each term.
www.duke.edu/~charvey/Classes/wpg/bfglost.htm
A contract that provides a death benefit but no cash build-up or investment
component. The premium remains constant only for a specified term of years,
and the policy is usually renewable at the end of each term.
biz.yahoo.com/glossary/bfglost.html
A plan of insurance that covers the insured for only a certain period of
time (term), not for his or her entire life. The policy pays death benefits
only if the insured dies during the term. Coverage provides pure death
protection without combining the insurance with elements of savings.
www.apait.org/resources/definitions/
Covers a person for a period of one or more years. It pays a death benefit
only if you die during that term. It generally does not build a cash value.
www.careguide.com/Careguide/careglossarycontentview.jsp
A low-cost form of life insurance that stays in effect for a specific
period of time. If the insured dies during the coverage period, the
beneficiary will receives the death benefit. If the insured survives the
specified time period, the policy expires and the obligations terminate.
Term insurance works best when the coverage is needed for only a specific
period of time or near-term cost is an overriding factor. In early years,
term insurance costs are less then a Whole Life or other cash value
policies. Term insurance becomes increasingly expensive as the insured
grows older. There are a number of variations of term life insurance. These
variations are as follows:
www.datalife.com/mall/pages/glossary/GLOSS_T.HTM
Life insurance payable to a beneficiary only when an insured dies within a
specified period. This type of life insurance has no cash value.
memberbenefits.nysut.org/contentPageViewer.asp
Insurance that provides death benefit coverage for a specified period,
without permanent policy benefits such as cash or loan value
www.opsb.state.md.us/empbenefits/glossary.htm
Life insurance that covers the insured person for a specific period of time
and pays a death benefit only if the insured dies during that term. This
type of insurance does not build up a cash value.
www.life-insurance-options.com/Life_Insurance_Glossary.html
A form of life insurance that provides coverage for a specified period of
time.
www.teacherslife.com/Glossary/Glossary.htm
provides a level death benefit and level premium up to the age of 95. This
means you can purchase life insurance for a certain number of years with
the premium remaining the same. Some policies allow you to convert your
policy to a whole life policy while the policy is in force. Term insurance
is less expensive and provides short term needs for such things as a
mortgage or other loans.
www.wiinsurancequotes.com/Definitions.htm
Life insurance that provides a death benefit only if the insured dies
during the period specified in the policy. If the insured survives until
the end of the period, coverage ceases without value. Contrast with
permanent life insurance.
www.minnesotamutual.com/news/glossary_pages/glossary_t.html
The most common form of life insurance, it provides a death benefit if the
insured individual dies within a specified term of years. Premiums are
based on age.
www.benefitsessentials.com/Lite/BenefitsGlossary/GlossaryTTT.cfm
A type of life insurance that provides a death benefit if the insured dies
during a specified period.
www.termpremium.net/insurancedefinitions.htm
A life insurance plan that covers the insured for only a certain period of
time (term), not for the holder's entire life. The policy pays death
benefits only if the insured dies during the term.
www.low-cost-term-life-insurance-quotes.com/life_insurance_terms.html
A life insurance contract that is written for a specified period of time
and that provides only a death benefit. Premiums increase or the death
benefit decreases as a direct result of the insured's increase in age
(mortality).
www.libertyink.com/Pages/glossary.html
Life insurance that normally does not have cash value accumulation and is
issued for a specific period of time. Level term insurance allows for a
level or even premium for the specified period, usually 5, 10, or 20 years.
www.american-best.com/glossary.htm
Life insurance providing a death benefit for a limited period of time on
the life of the insured and expiring without value after the stated period.
www.erie.net/~insure/diction.htm
Life insurance that covers you for a fixed period (term) of time.
hometown.aol.com/bookinfo/glossary.html
A form of life insurance which provides coverage for a specified period of
time and does not build cash value.
www.jlhubbard.com/glosst.htm
Term life insurance provides protection for a limited period of time and
pays benefits only if you die during the specified term. Term policies have
a fixed premium for the length of the policy, these premiums are usually
increased when you renew a policy because you are older and your chances of
dying have increased - this risk is reflected in your insurance costs A 10
year term policy will begin with lower premiums, but a 20 year term policy
will end up with lower premiums.
www.advantage4u.ca/products_def.html
A temporary form of life insurance with a protection period of one to
twenty years that requires the policyholder to pay only for the cost of
protection against death and the premium is guaranteed not to change during
the term period. Each time the policy is renewed, however, the premium
increases since it is assumed that the policy holder is statistically more
likely to die. There is no cash value associated with this type of life
insurance.
www.harrisdirect.com/nonav/ilTTm.htm
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