Aquachannel

Life insurance

The term life insurance means a contract between the policy holder and the insurer. The insurer here promises to pay a designated beneficiary a sum of money which is paid upon the death of the insured person. Thus life insurance is a contract which is undertaken between the policy owner and the insurance company. The policy owner or the policy payer agrees to pay a defined amount called a premium. The insurance company agrees to pay a sum of money upon the death of the insured person. The...