life insurance
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A contract insuring payment of an amount of money to a named beneficiary on the death of the person insured. Consideration for the contract is the payment of premiums by or on behalf of the insured.
Internal Revenue Service 1See also accident and health contracts, accidental death benefit, additional reserves, adjusted premium, american experience table, average mutual earnings rate, business activity test, cash value, coli, commissioner’s reserve valuation method, conversion (group insurance), credit life insurance, death claim, deposit administration (da) contracts, disability