What does the term "human life value" signify?

The term "human life value" signifies the financial worth attributed to an individual's future earning potential that can be dedicated to their family. It encompasses the expected income that the individual would have generated over their working life, adjusted for factors such as the age of the individual, occupation, and overall economic contributions, which can be used to provide for dependents in the event of their premature death.

In valuing someone's life in this way, the focus is on the economic impact their absence would create for dependents, essentially measures the potential financial loss resulting from the death of an individual. Understanding this concept is crucial for determining the amount of life insurance that would be adequate to support a family after a loss, ensuring that the financial needs of dependents are met.