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English definition of “life insurance”

life insurance

noun [U]
 
 
(UK also life assurance) INSURANCE
a system in which you make regular payments to an insurance company in exchange for a fixed amount of money which will be paid to someone you have named, usually a member of your family, when you die: For £23 a month a man aged 30 can buy a £100,000 life insurance policy. a life insurance company
(Definition of life insurance from the Cambridge Business English Dictionary © Cambridge University Press)
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