Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
credit life insurance
See INSURANCE.
industrial life insurance.
Life insurance characterized by (1) a small death benefit (usu. $2,000 or less), (2) premium payments that are due weekly, biweekly, or monthly and that are collected at home by the insurer's representative, and (3) no required medical examination of the insured.
joint life insurance
See INSURANCE.
joint life insurance.
Life insurance on two or more persons, payable to the survivor or survivors when one of the policyholders dies.
life insurance
An agreement between an insurance company and the policyholder to pay a specified amount to a designated beneficiary on the insured's death. - Also termed (in Britain) assurance. "Life and accident insurance has been defined as a contract whereby one party, for a stipulated consideration, agrees to indemnify another against injury by accident or death from any cause not expected in the contract. Strictly speaking, however, a contract of life insurance is not one of indemnity, but is an absolute engagement to pay a certain sum at the end of a definite or indefinite time." 43 Am. Jur. 2d Insurance ยง 3 (1982).
limited payment life insurance
Life insurance that requires premium payments for less than the life of the agreement.
limited-payment life insurance
See INSURANCE.
national-service life insurance
See NATIONAL-SERVICE LIFE INSURANCE.
ordinary life insurance
See whole life insurance.
straight life insurance
See whole life insurance.
term life insurance
Life insurance that covers the insured for only a specified period. Cf. whole life insurance.
universal life insurance
A form of term life insurance in which the premiums are paid from the insured's earnings from a money-market fund.
variable life insurance
A form of life insurance in which the premiums are invested in securities and whose death benefits thus depend on the securities' performance, though there is a minimum guaranteed death benefit.
whole life insurance
Life insurance that covers an insured for life, during which the insured pays fixed premiums, accumulates savings from an invested portion of the premiums, and receives a guaranteed benefit upon death. - Also termed ordinary life insurance; straight life insurance. Cf. term life insurance.