An annual income, the payments of which depend on the continuance of any given life or lives. Wharton's Lex. See 3 Kent's Com. 460. Ellis on Fire and Life Insurance. LIFE ASSURANCE, (or INSURANCE.) A species of insurance, by which the insurer, in consideration of a sum in gross, or of periodical payments, undertakes to pay a certain sum, or an annuity, depending upon the death of a person whose life is insured. 3 Kent's Com. 365. See Angell on Fire and Life Ins. c. 12, ยง 274. See Insurance, Life policy.
