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.