What is Life Insurance?

\’Life Insurance\’ is a contract between the insurer and the insured. It pledges payment of certain amount to the person who is insured on happening of any event against him. The contract fulfils on the death, maturity or specified periodic intervals.

According to the Wikipedia

Life insurance or life assurance 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 individual\’s or individuals\’ death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums.

According to the Free Dictionary

Life Insurance- Insurance that guarantees a specific sum of money to a designated beneficiary upon the death of the insured or to the insured if he or she lives beyond a certain age.

According to the Your Dictionary

Life Insurance- Insurance in which a stipulated sum is paid to the beneficiary or beneficiaries at the death of the insured, or, if specified, to the insured at a certain age.

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