The term 'life-saving craft' can be summarized as a vessel or vehicle used to save lives in an emergency situation. The crossword solution for this term is ARK, which is a reference to the biblical story of Noah's ARK. In this story, Noah was instructed by God to build an ARK to save himself, his family, and two of every animal from a great flood. This ARK served as a life-saving craft, allowing them to survive the flood. Today, the term 'life-saving craft' is used to refer to any type of vessel or vehicle used to rescue people in an emergency situation.