Term assurance

	Term assurance


Home Site Map Add Term Search About Us Contributors	Term assurance A life insurance policy in which cover is provided for a specified period of time (the term). The sum assured is paid if the death of the insured occurs during the term. If the insured survives the term, the contract ceases and no benefit is payable when the individual subsequently dies. Similar Matches Assurance Assurance In the UK the term 'assurance' tends to be used where insurance is taken out against something which will inevitably occur, an example being death and thus life assurance. The term 'insurance' is used when insuring against an event which may occur such as damage to a motor vehicle. Joint life assurance Joint life assurance An assurance policy usually taken out on two lives, typically husband and wife. Under this type of policy, the sum assured is payable at the event of the first death. Life assurance Life assurance An insurance policy which, in return for the payment of regular premiums, pays a lump sum on the death of the insured. In the case of policies limited to investments which have a cash value, in addition to life cover, a savings element provides benefits which are payable before death. In the UK endowment assurance provides life cover or a maturity value after a specified term, whichever is the sooner. Bancassurance Bancassurance A combination of banking and insurance business. A high street bank, for example, might sell both mortgages and the life insurance policies that must go with them. Also applies to pension sales by banks. Unit linked life assurance Unit linked life assurance See : 'unit linked policy'. Further Suggestions life assurance premium relief contingent assurance endowment assurance renewable term assurance family income benefit (family income assurance) decreasing term assurance unit linked whole of life assurance Life assurance index linked term assurance Decreasing term assurance index linked family income assurance industrial life assurance unit linked endowment assurance Level term assurance

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