WHAT IS LIFE INSURANCE

• Life insurance, sometimes referred to as life assurance, provides for a payment of a sum of money upon the death of the insured. In addition, life insurance can be used as a means of investment or saving.
• An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured.
• 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.
• Insurance coverage that pays out a set amount of money to specified beneficiaries upon the death of the individual who is insured.
• Any form of life insurance except term; generally insurance that builds up a cash value, such as whole life.
• Insurance on human lives including endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits for disability, and annuities.
• An alternative phrase used to describe Life Assurance (see Assurance described above).
• A contract under which a company agrees to pay a stated amount to the beneficiary or beneficiaries named by the insured. Pure or term insurance provides a death benefit but has no current value. Ordinary life insurance and the many variations thereof provide a build-up of current value as well as a death benefit. Credit life insurance covers the balance due upon a loan if it remains outstanding when death occurs.
• If the donor makes the Foundation the owner of the policy, the value of the gift will be approximately the policy's cash surrender value as provided by the insurance policy. If the gift is not paid at the time of the donation, you may make additional contributions each year of the premiums and the WVU Foundation will handle the payment to keep the policy in force.
• Term life insurance is provided in an amount equal to the annual stipend rounded to the nearest high thousand.
• An insurance policy under which a sum of money is paid if the insured dies while the policy is in effect.
• Insurance providing for payment of a specified amount on the insured's death, either to his or her estate or to a designated beneficiary; or in the case of an endowment policy, to the policy holder at a specified date.
• A product which provides protection against the economic loss caused by a person's death. The protection is made possible by spreading the cost of the financial loss over a large group of people who are exposed to the same risk.
• Life insurance for which the premium remains the same from year to year.
• Insurance that pays out when the person covered by the policy dies, a lump sum payment.
• insurance for which the probabilities of the duration of human life or the rate of mortality are an element or condition of the insurance. Md. Insurance Code Ann. § 1-101
• A contract in which an insurance company promises to pay a death benefit in the event the person insured under the policy dies. Protects against economic loss in the event of death.
• Insurance providing for the payment of benefits upon the death, whether by accident or otherwise, of the life insured.
• Life Insurance is insurance that provides a financial remuneration on the premature death of the policy holder. By paying an agreed premium over a fixed term, the policy holder is entitled to receive a financial payout in the event that they die prior to the end date of the fixed term.
• 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.
• A total sum is paid independents when the named policy holder dies.
• Insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance"
• Life insurance is a type of insurance. As in all insurance, the insured transfers a risk to the insurer, receiving a policy and paying a premium in exchange. The risk assumed by the insurer is the risk of death of the insured.

What is Insurance?

Defenition of Insurance:

• Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
• Policy: written contract or certificate of insurance; "you should have read the small print on your policy"
• Indemnity: protection against future loss
• Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee. ...
• A contract in which one party agrees to pay for another party's financial loss resulting from a specified event (for example, a collision, theft, or storm damage). Lease agreements generally require that you maintain vehicle collision and comprehensive insurance as well as liability insurance for bodily injury and property damage.
• Plan in which individuals and organization who are concerned about potential risks will pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. Examples of the different types of insurance available are automobile, home, health and worker's compensation. Whereas in most cases the insured is paid for their loss, with life insurance a beneficiary is paid when the insured person passes away.
• A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (called a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions in a contract.
• A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
• A contract in which one party agrees to compensate another party for any losses or damages caused by risks identified in the contract in exchange for the payment of a lump sum or periodic amounts of money to the first party.
• the business of providing financial protection for property, life, health, etc against specific occurances. intermediate Level above basic but below advanced. internship Employment a student (especially of medicine) takes to gain experience for a qualification. intro week An introductory week for new university or college students which enables them to become familiar with their institution, its facilities, their course and the town or city they will be studying in.
• A contract providing for financial protection against a loss. For example, a homeowner’s insurance policy provides for reimbursement if the owner suffers a loss due to fire or a number of other causes.