What is called as Life insurance policy?
It is an policy between the policy owner and the insurer. As a policy owner, you also pay some amounts on regular intervals and in return, the insurer pays you a sum of money. There are different types of life insurance available and these are legal contracts that describe the limitations of insured events. In different countries, different designs are followed and In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.
