Legal Dictionary of Pakistan

extended-term insurance

Insurance that remains in effect after a default in paying premiums, as long as the policy has cash value to pay premiums. * Many life-insurance policies provide this feature to protect against forfeiture of the policy if the insured falls behind in premium payments.family-income insurance. An agreement to pay benefits for a stated period following the death of the insured. ( At the end of the payment period, the face value is paid to the designated beneficiary.