life insurance

life insurance definition - business

life insurance

A contract between a life insurance company and the policyholder that pays a stated amount of money to beneficiaries on the death of the insured. See also cash-value life insurance, term insurance.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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