Life insurance

Life insurance
Insurance In*sur"ance, n. [From {Insure}.] [1913 Webster] 1. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. {Assurance}, n., 6. [1913 Webster]

Note: The person who undertakes to pay in case of loss is termed the insurer; the danger against which he undertakes, the risk; the person protected, the insured; the sum which he pays for the protection, the premium; and the contract itself, when reduced to form, the policy. --Johnson's Cyc. [1913 Webster]

2. The premium paid for insuring property or life. [1913 Webster]

3. The sum for which life or property is insured. [1913 Webster]

4. A guaranty, security, or pledge; assurance. [Obs.] [1913 Webster]

The most acceptable insurance of the divine protection. --Mickle. [1913 Webster]

5. Hence: Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury. [PJC]

{Accident insurance}, insurance against pecuniary loss by reason of accident to the person.

{Endowment insurance} or {Endowment assurance}, a combination of life insurance and investment such that if the person upon whose life a risk is taken dies before a certain specified time the insurance becomes due at once, and if he survives, it becomes due at the time specified. Also called {whole life insurance}.

{Fire insurance}. See under {Fire}.

{Insurance broker}, a broker or agent who effects insurance.

{Insurance company}, a company or corporation whose business it is to insure against loss, damage, or death.

{Insurance policy}, a certificate of insurance; the document containing the contract made by an insurance company with a person whose property or life is insured.

{Life insurance}. See under {Life}. [1913 Webster]

The Collaborative International Dictionary of English. 2000.

Look at other dictionaries:

  • life insurance — n: insurance providing for the payment of money to a designated beneficiary upon the death of the insured see also endowment insurance ordinary life insurance: whole life insurance in this entry straight life insurance …   Law dictionary

  • life insurance — insurance providing for payment of a sum of money to a named beneficiary upon the death of the policyholder or to the policyholder if still living after reaching a specified age. [1800 10] * * * Method by which large groups of individuals… …   Universalium

  • Life insurance — Life Life (l[imac]f), n.; pl. {Lives} (l[imac]vz). [AS. l[imac]f; akin to D. lijf body, G. leib body, MHG. l[imac]p life, body, OHG. l[imac]b life, Icel. l[imac]f, life, body, Sw. lif, Dan. liv, and E. live, v. [root]119. See {Live}, and cf.… …   The Collaborative International Dictionary of English

  • life insurance — ► NOUN ▪ insurance that pays out a sum of money either on the death of the insured person or after a set period …   English terms dictionary

  • life insurance — n. insurance in which a stipulated sum is paid to the beneficiary or beneficiaries at the death of the insured, or, if specified, to the insured at a certain age …   English World dictionary

  • life insurance — see assure, assurance …   Modern English usage

  • Life insurance — The foundation of life insurance is the recognition of the value of a human life and the possibility of indemnification for the loss of that value. F. C. Oviatt, Economic place of insurance and its relation to society[1] Life insurance is a… …   Wikipedia

  • life insurance — noun insurance paid to named beneficiaries when the insured person dies in England they call life insurance life assurance • Syn: ↑life assurance • Hypernyms: ↑insurance • Hyponyms: ↑endowment insurance, ↑tontine, ↑ …   Useful english dictionary

  • life insurance — An insurance policy that pays a monetary benefit to the insured person s survivors after death. Bloomberg Financial Dictionary Insurance policy valid for a limited period (term life) or throughout the insured s life (whole life) whereby an… …   Financial and business terms

  • life insurance — N UNCOUNT Life insurance is a form of insurance in which a person makes regular payments to an insurance company, in return for a sum of money to be paid to them after a period of time, or to their family if they die. I have also taken out a life …   English dictionary

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