Life Insurance
Definition
Life insurance provides a death benefit for an individual's beneficiaries. It
allows survivors to pay off debts and other expenses; it can also provide a
source of income to replace that lost by the death of the insured. There are two
primary types of life insurance: term, which provides insurance for a specified
period of time at a lower cost; and permanent, which provides a certain amount
of coverage at variable rates. There are other variations, including universal
life, which builds cash value and is widely marketed by life insurance
companies.
Life Insurance Claims Settlement Practices