Simple English definitions for legal terms
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A life policy is a type of insurance policy that provides coverage for the policyholder's life. It requires lifetime annual fixed premiums and becomes payable only upon the death of the insured. This policy is also known as a regular life policy.
These examples illustrate different types of life policies that provide coverage for different periods and under different circumstances. They all require the policyholder to pay premiums regularly to keep the policy in force. The policy pays out a benefit upon the occurrence of a specific event, such as the death of the insured or the end of a specified period.