Definitions for "Ordinary Life Insurance"
(See: ordinary insurance.)
Life insurance which is available to individuals in relatively unrestricted maximum death benefit amounts, and premiums may be paid monthly or less frequently.----------[ Back
A type of life insurance where premiums are paid continuously over the lifetime of the insured at predetermined intervals (e.g., annually, quarterly or monthly). Once one of the most popular forms of life insurance, it has been recently displaced by newer products such as universal and variable life insurance.