life insurance

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life insurance:

see insuranceinsurance
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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References in periodicals archive ?
Some producers recommend paying life-insurance and annuity premiums with qualified-plan dollars, in part, because the plans are a ready source of otherwise scarce premium dollars.
While there are a number of troublesome provisions in the proposed Model Act, the most blatantly offensive to consumer rights is the provision which prohibits the sale of a life-insurance policy in the secondary market for five years from the date of its issuance.
However, it was made clear these transactions have mutated, now relying on the moving of the ownership of trusts that own life-insurance policies used to evade the reach of the NAIC Viatical Settlements Model Act; therefore, the problem will not be resolved by the passing of such a five-year ban.