Life insurance is a contract between the policyholder and the insurer, where the company undertakes to pay the designated beneficiary of a certain sum of money ( benefits ) from the moment of death of the insured. Depending on the contract, other events such as terminal illness or critical illness can also cause babies. In return, the policyholder agrees to pay a certain sum ( premium ) at regular intervals or a single payment. In some countries the death expenses such as funerals are included in the prize, but the U.S. will decide only the dominant form of lump sum to be paid to the insured fall.
The value for the owner of the policy is peace , knowing that the insured person death will not lead to financial problems.
Life insurance is in accordance with the law of contracts and conditions of the contract describe the limitations of the insured event. Is exclusion often written in the contract limiting liability company, often are examples of statements about suicide, fraud, war, riots and disturbance.
