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LSDefine

Simple English definitions for legal terms

life policy

Read a random definition: city counsel

A quick definition of life policy:

A life policy is a type of insurance that pays out money when someone dies. It's like a contract between the person who buys the policy and the insurance company. There are many different types of policies, like ones that cover accidents or ones that cover property damage. Some policies require regular payments, while others only pay out if something specific happens. Insurance companies use a process called rating to decide how much someone should pay for their policy.

A more thorough explanation:

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.

  • Term Policy: A life-insurance policy that gives protection for a specified period, but that does not have a cash value or reserve value.
  • Endowment Policy: A life-insurance policy payable at the end of a specified period, if the insured survives that period, or upon the insured's death if death occurs before the end of the period.
  • Joint Life Policy: A life-insurance policy that matures and becomes due upon the death of any of those jointly insured.

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.

life peerage | life-qualified jury

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JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
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