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The insured person: This is the individual whose life is covered ... While most people think of life insurance as a single payment their family would receive, it can actually be more flexible than ...
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
Term life insurance: Term life insurance offers coverage for a fixed period of time, perhaps for 5, 10 or even 30 years. If the policyholder passes after the term of the insurance, then the ...
Term life insurance is insurance that covers a person, often the head of a household, for a specified period. Should the insured person pass away while the policy is in force, the beneficiary ...
Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.