Define: Life Insurance Quote

UK Accounting Glossary

Definition: Life Insurance Quote



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Full Definition of Life Insurance Quote


A life insurance quote is the estimated cost of a life insuinsurance policy based on information supplied by an applicant to an insurance company. To obtain a life insurance quote, an applicant is required to provide his/her age, gender and state whether they use tobacco. Mortality tables calculated by actuaries are used when calculating a life insurance quote. Health and family history are also commonly used in conjunction with these tables when processing a life insurance quote. It is standard practice for a life insurance quote to include written terms and conditions, for which a life insurance contract will be provided. A life insurance quote will state whether the insurance is term or permanent. Typically, insurance brokers or agents will obtain a life insurance quote on behalf of their customers. These representatives will shop one or more insurance companies to find the best price and coverage in a life insurance quote. A life insurance quote can also be obtained online.


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Page URL
https://payrollheaven.com/define/life-insurance-quote/
Modern Language Association (MLA):
Life Insurance Quote. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 04, 2020 https://payrollheaven.com/define/life-insurance-quote/.
Chicago Manual of Style (CMS):
Life Insurance Quote. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/life-insurance-quote/ (accessed: April 04, 2020).
American Psychological Association (APA):
Life Insurance Quote. PayrollHeaven.com. Retrieved April 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/life-insurance-quote/

Definition Sources


Definitions for Life Insurance Quote are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 10th February 2020.