'whole life insurance' definitions:

Definition of 'whole life insurance'

From: WordNet
noun
Insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured [syn: whole life insurance, ordinary life insurance, straight life insurance]

Definition of 'whole life insurance'

From: GCIDE
  • Insurance \In*sur"ance\, n. [From Insure.] [1913 Webster]
  • 1. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. Assurance, n., 6. [1913 Webster]
  • Note: The person who undertakes to pay in case of loss is termed the insurer; the danger against which he undertakes, the risk; the person protected, the insured; the sum which he pays for the protection, the premium; and the contract itself, when reduced to form, the policy. --Johnson's Cyc. [1913 Webster]
  • 2. The premium paid for insuring property or life. [1913 Webster]
  • 3. The sum for which life or property is insured. [1913 Webster]
  • 4. A guaranty, security, or pledge; assurance. [Obs.] [1913 Webster]
  • The most acceptable insurance of the divine protection. --Mickle. [1913 Webster]
  • 5. Hence: Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury. [PJC]
  • Accident insurance, insurance against pecuniary loss by reason of accident to the person.
  • Endowment insurance or Endowment assurance, a combination of life insurance and investment such that if the person upon whose life a risk is taken dies before a certain specified time the insurance becomes due at once, and if he survives, it becomes due at the time specified. Also called whole life insurance.
  • Fire insurance. See under Fire.
  • Insurance broker, a broker or agent who effects insurance.
  • Insurance company, a company or corporation whose business it is to insure against loss, damage, or death.
  • Insurance policy, a certificate of insurance; the document containing the contract made by an insurance company with a person whose property or life is insured.
  • Life insurance. See under Life. [1913 Webster]