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life insurance: see insurance insurance or assurance, device for indemnifying or guaranteeing an individual against loss. Reimbursement is made from a fund to which many individuals exposed to the same risk have contributed certain specified amounts, called premiums.
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life insurance

Method by which large groups of individuals equalize the burden of financial loss from death by distributing funds to the beneficiaries of those who die. Life insurance is most developed in wealthy countries, where it has become a major channel of saving and investing. There are three basic types of life-insurance contract. Term insurance is issued for a specified number of years; protection expires at the end of the period and there is no cash value remaining. Whole-life contracts run for the whole of the insured's life and also accumulate a cash value, which is paid when the contract matures or is surrendered; the cash value is less than the policy's face value. Endowment contracts run for a specified time period and pay their full face value at the end of the period.

I boxed, swam, sailed, rode horses, lived in the open an arrantly healthful life, and passed life insurance examinations with flying colours.

John Barleycorn by London, Jack View in context

Philip's father was a surgeon in good practice, and his hospital appointments suggested an established position; so that it was a surprise on his sudden death from blood-poisoning to find that he had left his widow little more than his life insurance and what could be got for the lease of their house in Bruton Street.

Of Human Bondage by Maugham, W. Somerset View in context

Henry started; he had never thought of his brother's life insurance.

The Haunted Hotel by Collins, Wilkie View in context

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