For example The mortgage had a condition that required them to take out life assurance. Show source/s Plain English Campaign Give feedback This page was not useful This page was useful Thank you for your feedback. If you have another few minutes please take the time to tell us about our new Dictionary service. Thank you for your answer, if you can tell us more that would really help Update
Life assurance policy (or life insurance policy) A contract between a policyholder and an insurance company. The insurance company pays out if the policyholder dies.
Mortgage Using property as security for a debt. It is also the name for the contract which is signed by the borrower and lender when money is lent using property as security for a loan.