life assurance
Insurance providing for the payment of a sum on the occurrence of an event that is in some way dependent upon a human life. In endowment assurance the insurer is liable to pay a fixed sum either at the end of a fixed period or at death if the insured should die in the meantime. Whole-life assurance provides for the payment of a fixed sum on the death of the insured. Term (or temporary) assurance provides for a fixed sum to be paid in the event of the death of the insured within a specified period. |