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ordinary life insurance

   Also found in: Financial, Wikipedia 0.01 sec.
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Noun1.ordinary life insurance - insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured
life assurance, life insurance - insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance"


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Ordinary life insurance (also Permanent or Whole Life) is issued in multiples of $1,000, with premiums payable continuously until the insured dies.
Introduction The purpose of this study is to determine whether factors influencing the lapse rates on ordinary life insurance products can be identified and their importance statistically assessed.
Unlike ordinary life insurance, the risks on variable rate insurance policies are borne by policyholders, and returns are not guaranteed.
 
 
 
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