A life insurance policy is a contract typically between an individual
(called the insured) and the insurance company (called the insurer),
where the insurance company promises to pay a sum of money to the
insured’s nominee, in the event of the insured’s death.
Most life insurance policies have a specified term, such as 10, 15, or 20 years. For the nominee to be eligible to collect the insured sum, the insured’s death has to occur during the term of the policy.
If the insured survives the term of the policy, depending on the type of policy purchased, she/he may or may not receive a sum of money at the end of the policy term
http://www.myallagents.com/What-is-Insurance/details.html
Most life insurance policies have a specified term, such as 10, 15, or 20 years. For the nominee to be eligible to collect the insured sum, the insured’s death has to occur during the term of the policy.
If the insured survives the term of the policy, depending on the type of policy purchased, she/he may or may not receive a sum of money at the end of the policy term
http://www.myallagents.com/What-is-Insurance/details.html
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