Define: "Life Insurance":
Life insurance means "coverage" placed on the life of an individual. In this case an insurance company issues a policy and pays a stated death benefit in the event of the insured's death.
Life insurance, sometimes referred to as life assurance, provides for a payment of a sum of money upon the death of the insured. In addition, life insurance can be used as a means of investment or saving.
Insurance in which the risk insured against is the death of a particular person, the insured, upon whose death while the policy is in force, the insurance company agrees to pay a stated sum or income to the beneficiary.
Further details - Life Insurance: The Met