Life insurance or life assurance like other types of insurance is a contract executed between the insurance company and the policy owner. This contract is an agreement that the policy owner will pay a premium at regular intervals for a specific period of time in exchange of a sum of money to be paid by the insurer to the beneficiary of the policy owner upon his death.

Insured events that may be covered by life insurance policies are sickness, accidental death and death. Being a legal contract, it contains limitations of coverage and specific exclusions to limit the liability of the insurer.

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