Life Assurance: An insurance policy which, in return for the payment of regular premiums, pays a lump sum on the death of the insured. In the case of policies limited to investments which have a cash value, in addition to life cover, a savings element provides benefits which are payable before death.

 

Related Words

Life Assurance: An insurance policy which, in return for the payment of regular premiums, pays a lump sum on the death of the insured. In the case of policies limited to investments which have a cash value, . . . View Full Definition

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Participating Life Insurance Policies: Life insurance that pays dividends to policyholders depending on the company's success as provided by few claims and profitable underwritings and investments.

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Quality Assurance: Activities or programs whose purpose is to demonstrate and ensure that products and services meet specifications and are consistently of high quality.

Revenue Assurance (RA): A form of revenue insurance that protects a grower of an insurable crop whenever low prices, low yields, or a combination of both causes revenue to fall below a guaranteed level selected by . . . View Full Definition

Renewable Term Life Insurance: A policy for a stated period that may be renewed if desired at the end of the term.

Nonparticipating Life Insurance Policy: Life insurance policy whose policyholders do not receive dividends, because they are not participants in the interest, dividends, and capital gains earned by the insurer on premiums paid.

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