If you answered yes to any of those questions, you might need life insurance. Definition: What Is Life Insurance? The purpose of all life insurance is to help provide a secure financial future for your family after you’ve passed away. Many people determine how much coverage is appropriate ...
Universal life insurance:With universal life insurance, a portion of the premiums is invested in stocks, bonds or other available investment options. Growth from the investments can be used to pay the cost of the premiums. And whether universal life insurance includes a guaranteed death benefit dep...
Life insuranceis a contract made between an individual and an insurance company. The insured person pays a premium in exchange for the promise of a lump-sum payment, called “a death benefit”, to a designated beneficiary when the insured person dies. The term ‘beneficiary’ means the person...
Life Insurance: The insurance that covers therisk of the lifeof the insured is called Life insurance. In this, the nominee will get the policy amount, upon the death of the insurer. This is also called as anAssurance, as the event, i.e. death of the insured is certain. The payment o...
Voluntary life insurance, an optional benefit often offered by employers, is a plan that provides a cash benefit upon the death of the insured.
What Is Universal Life (UL) Insurance? Universal life (UL) insurance is a type ofpermanent life insurancethat, like other permanent insurance, has acash valueelement and offers lifetime coverage as long as you pay yourpremiums. Unlike whole life insurance, universal life allows you to raise or...
Explain insurance needs short-term, intermediate-term, and long-term based on the development of your personal financial plan. Briefly describe the Group term life insurance. What is the definition of volatility? What is the meaning of an e-mandate in "mutual funds"? Define the following term...
Life expectancy in business In business, life expectancy is relevant for insurance, annuity contracts, and retirement plans. Insurance Companies with insurance services will calculate lifespans to minimize their liability risk. Insurance companies will look at certain factors to determine individual risk ...
What is Insurance Definition? in·sur·ance noun /inˈSHo͝orəns/insurances, plural A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium- many new borrower...
If you die while the policy is in force, you’ll leave behind a lump sum of cash for whomever you choose. Because term life insurance doesn’t last forever and has no cash value, it’s typically much cheaper than whole life insurance. » MORE: Term life insurance definition Key terms...