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Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" [53] and "the basis of modern life assurance upon which all life assurance schemes were subsequently based".
Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [1]
The least expensive type of life insurance is usually term life insurance. It provides coverage for a specific period — often 10, 20 or 30 years — and is typically much cheaper than permanent ...
The tax definition of life insurance is set forth in IRC Section 7702. A life insurance contracts that is also a MEC does not gain a third tax advantage relating to the treatment of predeath distributions, that is, money paid from the life insurance contract to the owner while living, and this is set forth in IRC Section 7702A. Namely,
Some families have a history of genetic conditions and chronic illnesses that make obtaining life insurance coverage difficult. A permanent life insurance policy for a child or young adult that is ...
LOMA, (formerly the Life Office Management Association) working together with LIMRA (formerly Life Insurance Marketing and Research Association) under the umbrella organization LL Global is an American trade associations for the insurance industry in the United States.