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LSDefine

Simple English definitions for legal terms

life insurance

Read a random definition: danger-invites-rescue doctrine

A quick definition of life insurance:

Life insurance is an agreement between you and an insurance company. You pay the company money (called a premium) and if you die, the company will give a certain amount of money to someone you choose (called a beneficiary). It's like a promise that the company will take care of your loved ones if something happens to you. It's important to have life insurance so that your family can be financially secure even if you're not there to take care of them.

A more thorough explanation:

Life insurance is a type of contract between an individual and an insurance company. The contract promises that if the individual dies, the insurance company will pay a certain amount of money to a person that the individual has chosen. This person is called the beneficiary. The beneficiary will only receive the money if they survive the individual who has passed away. In exchange for this promise, the individual will pay the insurance company a fee called a premium.

For example, John buys a life insurance policy from XYZ Insurance Company. He designates his wife, Jane, as the beneficiary. John pays a monthly premium to the insurance company. If John dies while the policy is in effect, XYZ Insurance Company will pay Jane the amount of money specified in the policy.

Life insurance is considered a third-party beneficiary contract because the beneficiary is not a party to the agreement between the individual and the insurance company. It is also considered a type of will substitute because the assets are transferred to the beneficiary within the individual's lifetime.

life expectancy | life insurance avails

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therealjaysontatum
15:19
like do they call all day or just for like an hour at noon
dasfi0990ut1
15:20
@therealjaysontatum: It depends. Some am/pm. Some have multiple adcoms, some schools only have a few, so they call all day
therealjaysontatum
15:21
i just wonder what their day looks like on a wednesday when its time to admit people
therealjaysontatum
15:22
unlv is mainly who im asking about, i dont think they have a huge adcom department
GnomeoAndJuliet36
15:22
tatum hope u snap ur leg and they amputate it
GnomeoAndJuliet36
15:23
if thats really u
therealjaysontatum
15:23
its really me
15:23
A FROM UNLV BOYD!
therealjaysontatum
15:23
ive done all i can in the NBA
dasfi0990ut1
15:23
Bull spit! I do not believe.
GnomeoAndJuliet36
15:24
yea u have u should take a pair of scissors and snip each individual ligament in ur knee
dasfi0990ut1
15:24
@U-Hawaii-Jason-Momoa-Law: What happened to my friend? Hey banned :(
therealjaysontatum
15:24
you must be the real joel embiid
GnomeoAndJuliet36
15:24
holy
GnomeoAndJuliet36
15:24
how did u know
BatmanBeyond
15:32
No MVP or Finals MVP
BatmanBeyond
15:32
At least he avoided the Duke Bust label
therealjaysontatum
15:37
got a ring tho
starfishies
15:39
i have decision rendered on bc portal ;-;
therealjaysontatum
15:39
we talking ball now
starfishies
15:39
he really got that ring though
GnomeoAndJuliet36
15:50
still doggy doo
GnomeoAndJuliet36
15:51
put him on the hornets theyre still one of the worst teams in the leagues and the celtics still making it to the finals
RoaldDahl
15:55
I have decision rendered too 0.o
therealjaysontatum
15:55
hes different this year
therealjaysontatum
15:55
im different this year*
RoaldDahl
15:56
@starfishies: when will they render these decisions
GnomeoAndJuliet36
15:59
im just playing jayson its me al horford
therealjaysontatum
16:15
goat
@dasfi0990ut1: You shouldn't be concerned about racists posting in this chat.
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