Life insurance is a contract between the policyholder and the insured, the beneficiary if the insured agrees to pay a certain amount of money after the death of the insured person or persons, or other events, such as incurable disease or severe disease. On the other hand, the policyholder agrees to pay that amount (or regular money in the accounts). The design of the bill may have a number of countries and death expenses, in addition to providing food after the funeral should be included in the premium. In the U.S., and to identify the main forms just to pay the sum insured person's death.
And concluded the value of the policy, rather than requiring the event and is worth a "safe" and suffered the insured, the negative economic consequences for refusal of deaths caused by the insured person's life.
Life policies are legal contracts and contract conditions, describes limitations imposed on the insured event. Often written in the contract provided for exceptions to reduce the liability of insurance companies, for example, claims fraud, suicides, riots, war and civil disobedience.
On the basis of the contract period is generally divided into two categories:
- Protection policies - designed to provide benefits in the event of a specific event, usually a single payment. A common form of this design is term insurance.
- Investment policy - one of the main objectives is to promote economic growth through capital contributions or1. Common format (the U.S.) is a full life, life and variable life policies worldwide.
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