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Whole life insurance

Index Whole life insurance

Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life," is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [1]

12 relations: Beneficiary, Cash value, Commonwealth of Nations, Contract, Endowment policy, Life insurance, Mutual insurance, Term life insurance, Theory of decreasing responsibility, Universal life insurance, Variable universal life insurance, With-profits policy.

Beneficiary

A beneficiary (also, in trust law, cestui que use) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor.

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Cash value

The cash value of an insurance contract, also called the cash surrender value or surrender value, is the cash amount offered to the policyowner by the issuing life carrier upon cancellation of the contract.

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Commonwealth of Nations

The Commonwealth of Nations, often known as simply the Commonwealth, is an intergovernmental organisation of 53 member states that are mostly former territories of the British Empire.

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Contract

A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies.

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Endowment policy

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death.

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Life insurance

Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).

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Mutual insurance

A mutual insurance company is an insurance company owned entirely by its policyholders.

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Term life insurance

Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term.

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Theory of decreasing responsibility

The theory of decreasing responsibility is a life insurance philosophy that holds that individual financial responsibilities rise and then decline over the course of a lifetime and that life insurance amounts should reflect those changes.

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Universal life insurance

Universal life insurance (often shortened to UL) is a type of cash value life insurance, sold primarily in the United States of America.

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Variable universal life insurance

Variable universal life insurance (often shortened to VUL) is a type of life insurance that builds a cash value.

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With-profits policy

A with-profits policy (Commonwealth) or participating policy (U.S.) is an insurance contract that participates in the profits of a life insurance company.

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Redirects here:

Cash value insurance, Ordinary life insurance, Whole Life Insurance, Whole life, Whole life policy.

References

[1] https://en.wikipedia.org/wiki/Whole_life_insurance

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