life insurance

life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured

a form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members

insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured

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