Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured's death. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals.
Life insurance is a contract between the Insurer and the Policy Owner or
Policyholder whereby a benefit is paid to the designated Beneficiary if an
insured event (such as death) occurs.
To be a life policy the insured event must be based upon life of the people name in the policy
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