What does Economic Value of an Individual Life mean? Read on to discover the definition & meaning of the term Economic Value of an Individual Life - to help you better understand the language used in insurance policies.
Economic Value of an Individual Life
The economic value of an individual life (EVOIL) is the amount calculated from one's yearly income, the income one gets leading to retirement, and other variables (savings, assets,etc.) to determine the financial loss a family will suffer in the case of a family member's death. This calculation will help determine the amount of insurance that a person qualifies to receive.
We hope the you have a better understanding of the meaning of Economic Value of an Individual Life.