A life assurance agreement is a contract between an insurance company and an individual in which the insurer agrees to pay a sum of money to the individual's beneficiaries upon the individual's death. The agreement may also cover the payment of benefits in the event of the individual's disability or illness.
Note: Working on a legal issue? Try our AI Legal Assistant - It's free while in beta 🚀Use our legal assistant
A life assurance clause is a provision in an employment contract that guarantees life insurance for an employee.