Life Insurance

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Life Insurance

Post by hsargent » Wed Jun 28, 2006 1:08 pm

Is this a oxymoron? Seems like they are not insuring life but death benefits.
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Life Insurance

Post by gdwdwrkr » Wed Jun 28, 2006 1:21 pm

Bet to lose, and win.
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Life Insurance

Post by kagriffy » Wed Jun 28, 2006 6:54 pm

I don't consider it an oxymoron. You buy insurance to insure yourself against some kind of loss or damage. Therefore, you buy life insurance to insure against the loss of life. You buy car insurance to insure against the loss of (or damage to) your car. You buy health insurance to insure against the loss of (or something that may bring damage to) your health.
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Life Insurance

Post by russcable » Wed Jun 28, 2006 8:08 pm

... and you don't buy fire insurance to insure that you will have a fire or that your fire will continue. Likewise, hazard, flood, accidental death, dismemberment... Hello, I'd like to insure that my accidental death remains permanent. ;-)

IMO, there is no "opposites" relationship between the separate words "life" and "insurance", loss insurance would be a better one.
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Life Insurance

Post by Bobinwales » Thu Jun 29, 2006 8:55 am

Should it not be "Life Assurance" as opposed to "Accident Insurance"? Both you and the company, know that you are going to die, but you may not have an accident.
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Life Insurance

Post by gdwdwrkr » Thu Jun 29, 2006 9:46 am

These things must be done delicately.....
Is there a term for the strange language of denial spoken by insurance agents and funeral home proprietors? Indelicately: bs.
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Life Insurance

Post by Erik_Kowal » Thu Jun 29, 2006 10:00 am

Whatever happened to the guy who was thinking of establishing a SafeHarbor insurance agency? I can think of no-one better qualified to explain the strange language of denial to which you refer, James, or, for that matter, the issue of "Life Assurance" versus "Accident Insurance" of which Bob speaks.
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Life Insurance

Post by Phil White » Thu Jun 29, 2006 10:15 am

My father spent his life in life assurance in the UK and always insisted on the distinction that Bob indicates.
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Life Insurance

Post by russcable » Thu Jun 29, 2006 4:20 pm

Bobinwales wrote: Should it not be "Life Assurance" as opposed to "Accident Insurance"?
You only need life assurance if you think there's a possibility you might already be dead. -- Am I still alive? Oh, yes, I have a monthly payment due that assures me that I am.

My grandfather sold life insurance for 30 years with Equitable Life Insurance which is called Equitable Life Assurance in the UK.
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Life Insurance

Post by kagriffy » Thu Jun 29, 2006 5:40 pm

The "Life Assurance" thing must be a UK thing. My father sold life INSURANCE (along with car insurance, property and casualty insurance, homeowner's insurance, crop-hail insurance, etc.) for about 25 years. I have never heard it called life ASSURANCE.
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Life Insurance

Post by Phil White » Fri Jun 30, 2006 10:20 am

From the Clerical Medical (a UK based insurance group) glossary at http://www.clericalmedical.co.uk/Busine ... ossary.asp

Assurance

Also known as insurance but generally used for life assurance. Insurance covers an uncertain event whereas life assurance covers a certain event (ie death) only where the date is unknown.
However, http://www.seniorsnetwork.co.uk/insurance/glossary.htm offers the following distinction:

Life Assurance: The word "assurance" describes the types of life insurance that pay out when someone dies or a cash sum becomes payable. "Insurance" policies will only pay out in the event of an unforeseen event.
However it is common these days to refer to all types of life policies as "life insurance".

Life Insurance: A policy that will pay a specified sum to beneficiaries upon the death of the insured.
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Life Insurance

Post by hsargent » Fri Jun 30, 2006 1:27 pm

Phil's definition matches what we in America distinquish between "Whole Life" versus "Term" Policies.

Term coverage ends when payments stop just like health insurance. Whole Life have a cash value and the face value diminishes with time if payments stop. One can also cash the policy in.

I always thought that Whole Life was just a means for the insurance companies to get higher premiums with a very minimal payback.

I think of assurance as a comforting word and insurance as a guarantee. This distiniction really doesn't matter. Just a "touchy-feely" of word usage.

"MS Word" Thesarus has insurance, assurance, cover, and indemnity.
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