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LSDefine

Simple English definitions for legal terms

life policy

Read a random definition: requirement for division

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
22:16
must’ve gotten top quality matches
shaquilleoatmeal
22:19
heard ringing in my ears, thought to come check lsd, and now it makes sense. Your bio was calling my name
windyMagician
22:20
all my bitches 13, call me jeffrey epstein
r from hls
which was expected given my low stats ofc
shaquilleoatmeal
22:21
windy !! i needed you earlier and you werent here lmao
still caught up on my deferral from nyu pls make me feel better about myself waiting feels like shit
shaquilleoatmeal
22:21
u ever call someone papacito ??
windyMagician
22:22
no unless they’re a literal child
shaquilleoatmeal
22:22
😧 well damn nvm then lmaoo
shaquilleoatmeal
22:23
youll be alright rabbit, you applied pretty recently so more decisions to come later on
is november considered late? i thought anything up till thanksgiving is still on the earlier side??
i'm just surprised nyu didn't straight up reject me given my stats
shaquilleoatmeal
22:25
no it is on the earlier side lol but you have to consider adcoms were out from dec 24 - jan 3rd so your apps realistically only been in for 4ish weeks
shaquilleoatmeal
22:26
looking at majority of your apps being end of nov not middle ^
windyMagician
22:27
crashing out rn
windyMagician
22:27
im never gonna have a husband
JumpySubsequentDolphin
22:28
same windy
windyMagician
22:30
no matter how hard i try i will never be serious relationship material
windyMagician
22:30
excluding my ex wasting two years of my life
CynicalOops
22:37
:(
@windyMagician: sometimes I think i'll never have a wife either
it be like that
c'est la vie
@curvy when did you apply to duke?
22:47
there is no such thing as “serious relationship material.” you’re a person and someone will love you for being that person and because they love you they want to be with you
bunny with the wisdom tonight
JumpySubsequentDolphin
22:54
@bunnynoise: this is so sweet youre so cute
22:59
should i write a 'why BU' or nah
23:00
i alr did a diversity statement but im debating a why BU. not sure if thatll affect their decision
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