Encyclopedia of Everyday Law - LIFE INSURANCE
ESTATE PLANNING LIFE INSURANCE
Sections within this essay:
Background Types of Insurance Individual Life Insurance Group Life Insurance Second-To-Die and First-To-Die Insurance Term Life Insurance Cash Value Life Insurance Traditional Whole Life and Universal Life Variable Life and Variable Universal Life Insurable Interest Examinations Claims Denial of Claims Exclusions Insurance Regulation Rates Minors As Beneficiaries Additional Resources Background
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A life insurance policy is simply a contract between an insurance company and the person who buys the policy, the policyholder. In exchange for payment of a specified sum of money, known as a premium, the life insurance company pays a named BENEFICIARY a certain amount of money if specific events occur while the policy is in force. In life insurance policies the most common event is the death of the person who is insured, in which case the payment is made to the beneficiary, which may be …
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