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Life insurance

Life insurance Definition

 

Life insurance policies, including pensions and life annuity policies, provide payments depending on the life or the death of a particular person or persons.

Life insurance policies are issued in two basic types: term life and permanent life.

Term life insurance, in a level term form, requires fixed, regular premiums and pays the death benefit, also called the principle sum, only if the insured dies during the policy's term. There are no cash values built under these policies.

RELATED TERMS
Permanent life insurance
Term life insurance
RELATED CATEGORIES
Insurance




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