Definition of "Necessities of life"

Michael  Dominguez real estate agent

Written by

Michael Dominguezelite badge icon

Jack Lingo Lewes

Basic needs, such as food, water, clothing, and shelter, that a person requires to survive. These needs are the first layer of Maslow's Hierarchy of Needs, and are the minimum that should be provided by any life insurance plan.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Weighted average of the returns earned on the insurance company's investments in stocks, bonds, real estate, etc., made at different times and earning different rates of return at these ...

Amount of insurance remaining on a ceding company's books, net of the amount reinsured. ...

transfer of money from or an employer-sponsored pension or other qualified plan into an INDIVIDUAL RETIREMENT ACCOUNT (IRA) with out paying tax on the distribution. transfer of money from ...

Nominal interest rate minus the rate of inflation. ...

Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the re-insurer pays the amount of the ...

Deduction allowed for gifts and bequests to a spouse for federal estate and gift tax purposes. Under the Economic Recovery Tax Act of 1981 (ERTA), the deduction became unlimited. Prior to ...

In insurance, company revenues from underwriting and investment. Insurance companies make money first, by underwriting good risks so that their premium dollars cover claims losses and ...

Attachment to a property insurance policy that automatically adjusts its coverage according to the construction cost index in a community. This endorsement is necessary in a property ...

Coverage for an individual with a residual disability. Benefits are usually payable for the unused portion of the total disability benefit period up to age 65. If an individual is at least ...

Popular Insurance Questions