| NOUN | possession | whole life insurance, ordinary life insurance, straight life insurance | insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured |
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| Meaning | insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured. | |
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| Synonyms | ordinary life insurance, straight life insurance | |
| Broader | life insurance, life assurance | insurance paid to named beneficiaries when the insured person dies |
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