Dictionary.net

A contract entered into, usually by an insurance company, to pay a certain sum of money on a person's death, on the condition of his paying an annual premium during his life. The medical practitioner may be applied to to certify that the life of the insured is one that is insurable according to the rules of the company.

n. A contract for the payment of a certain, sum of money on a person’s death, on condition of an annual payment of a sum fixed by a table of rates according to the age of the party insuring.