Human Life Approach
- A method used is to estimate the amount of life insurance an individual should purchase that measures the expected lifetime economic impact the policyholder's death would have on the beneficiaries.
beneficiary calculation, estimated coverage amount, prediction of coverage, life insurance calculation
Related Terms and Acronyms
- Beneficiary — Definition,
- An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
- Family Income Rider — Definition,
- A recurring or lump sum life insurance benefit that matches the policyholder's income.
- Life Insurance — Definition, Very Important,
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- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- Needs Approach — Definition,
- A way of determining how much life insurance an individual should purchase by examining the future obligations and needs of the beneficiaries.