Entry from British & World English dictionary
A life insurance policy.
- But the surrender value of a whole life policy is usually lower than that of an endowment policy for a similar amount.
- This lets you convert your policy into a new life policy at the end of the term without the need to provide information on your state of health at the time.
- He accepted that the employees received a payment in kind in the form of the life policy or policies with an enhanced value.
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