Life Insurance
Introduction:
It is the universal truth that the life of every person is limited and death is certain. But the time and place of dearth is uncertain, the life insurance provides financial protection to the dependents of the decreased person (insured). There is no substitute of the life of a person but the financial problems of the dependents of the deceased person can also controlled and minimized by purchasing a life insurance policy.
Definitions:
Robert J. Hughes says
“Life insurance is insurance that pays a stated amount of money upon the
death of insured Individual”.
F.E. Perry says:
“Life Insurance is a contract by which the assurer undertakes to pay he person for whose benefit the cover is effected, or to his personal Dfa Ho representatives, a certain sum of money on the happening of a given event, or on the death of a person whose life is assured”.
In Simple Words:
*A contract in which insurer agrees to pay a specified sum on the
happening of a particular event”.
