Whole Life Insurance Law and Legal Definition
Whole life insurance is an insurance contract which continues during the entire life of the insured and provides for payment at the insured's death or at an advanced age. Premium payments are usually the same amount throughout the insured's lifetime. Whole life insurance builds a cash value payable to the insured as either a loan or payable outright if the policy is cancelled. The investment or savings value is called the cash surrender value of the policy.
Legal Definition list
Related Legal Terms
- Abuse in Later Life Program [Department of Justice]
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
- Actuarial Documents [Federal Crop Insurance Corporation]
