GNU Webster's 1913
- n. 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.
- n. life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured
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