Multi-Life Coverage

In the context of Life Insurance, "Multi-Life Coverage" refers to a policy that insures the lives of multiple individuals under a single policy framework. Each insured person is covered independently, and the death benefit is paid out upon the death of each insured individual, as per the terms of the policy.

Key aspects of Multi-Life Coverage include:

  1. Multiple Individuals: Covers more than one person under a single policy.
  2. Independent Coverage: Each insured life has its own death benefit.
  3. Flexible Structure: Often used for families or business partners to provide comprehensive coverage.

Multi-Life Coverage offers a practical solution for groups needing life insurance while potentially simplifying policy management and administration.

Related Definitions

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