life insurance

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Definition

Statistical tables that display the life expectancies of people based on certain characteristics such as age, gender, family...

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Definition

A person who is entitled to benefit from an annuity.

(LIIBULLETIN preview (pre-2014))
[Questions Presented] [Issue] [Facts] [Discussion] [Analysis] Issue

Whether any provision of the Federal Employees Group Life Insurance Act of 1954 preempts states from creating an equitable remedy where a third party can recover the amount of the...

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Definition

The period of time that a person is expected to live based on factors such as age, sex, heredity, and health. Life expectancy is often calculated by courts and insurance companies from analysis of actuarial tables.

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Definition

A life insurance policy whereby the insured purchases coverage lasting for a specific period of time. The designated beneficiary collects the proceeds only if the insured dies within the specified term. There is no investment component...

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Definition

A form of life insurance that offers flexible premiums, adjustable death benefits, and the ability of the insured to make partial withdrawals from the cash value. Universal life insurance policies generate cash value as the insured’s...

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Definition

A form of whole life insurance that accumulates cash value on a tax-deferred basis. Variable life insurance operates similarly to a mutual fund because the insured pays premiums that go into a separate investment account owned by the insured...

(Wex page)
Definition

A form of whole life insurance that combines aspects of universal life insurance and variable life insurance and provides for a death benefit and accrues cash value on a tax-deferred basis. Variable universal life insurance ("VUL") policies...

(Wex page)

Definition

Life insurance coverage that runs for the insured’s natural life. Whole life insurance provides both term life insurance and a savings plan (i.e., accumulation of “cash value” or “surrender value”) that allows for the insured, at any...