A form of Term Life Insurance that provides protection for a person’s “expectation of life.” This becomes the term of the policy, as opposed to the ordinary Term policies which are for a given number of years or to a stated age, such as 65.
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A formal social device for reducing risk by transferring the risks of several individual entities to an Insurer. The Insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the Insured.