That branch of insurance under which a contract is made to pay a capital sum on a specified date or on the death of the person assured. Both types of policy may be with or without profits . By paying a higher premium , the policyholder can receive a share of the profits earned by the life fund.
Life assurance is an important form of private savings .
The Penguin Dictionary of Economics 2. The Penguin Dictionary of Economics 3. Oxford University Press 4. All rights reserved.