Life Insurance

Life insurance is a 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.

If the donor makes the Foundation the owner of the policy, the value of the gift will be approximately the policy's cash surrender value as provided by the insurance policy. If the gift is not paid at the time of the donation, you may make additional contributions each year of the premiums and the WVU Foundation will handle the payment to keep the policy in force. If the donor makes the Foundation the beneficiary of the policy, the estate will receive a charitable deduction for the policy's proceeds.

A contract whereby, for a stipulated premium, the insuring company agrees to pay the insured, or his beneficiary, a fixed sum or its equivalent in income, upon the happening of death or some other specified event.

Any insurance relating to a risk depending on human life. This includes contracts providing payment on the insured person's death, endowments providing payment either on survival to a specified date or on earlier death and annuities which are paid throughout the annuitant's lifetime but cease on death.

With its origins in the provision of funeral expenses by the prepayment of regular amounts, life insurance has historically received favourable tax treatment and has grown into a sophisticated and multi-faceted industry concerned as much with the mitigation of tax and the provision of savings as the pure protection product it was originally designed to be.

(Assurance vie) An insurance on the life of an individual or individuals. It is as valued form of policy and pays out a certain sum on the death of the individual. It is written in many forms and frequently coupled with a savings factor.