Life Insurance is a contract between an insurer (insurance company) and insured (insurance policyholder) in which the insurer guarantees payment (the benefit) includes life assurance, annuities, personal injury, and disability resulting from an accident or sickness, and permanent health and lifestyle insurance. The Life Insurance exchanges the insurance premium payments from insured to a lump sum benefit to beneficiary by an insurance company (insurer).
Related Definitions in the Project: The Bond and Insurance
