Life Insurance

♠ Posted by Unknown in Life Insurance at 8:49 AM

       

         
          Life insurance is the insurance for life.Life Insurance is contract between the insured and insurer where insured pays a certain amount as a premium and insurer promises to indemnify or compensate the loss of the death of the insured.Life insurance is mainly established to value the human life and their loss at the death.Life insurance also protects the individuals mind that even if they are gone the premium that comes along with interest would help their loving family members.So life insurance is a way of promoting individuals humanity and sorrowing them at their loss.
          Life insurance is beneficial to each and every member.It is not the insurance for the insured person only but the insurance for their beloved ones too.Life insurance helps to save the amount of money for their family members.It not only provides protection but also compensate them too.
          Human life and death are a natural way of life,But their life and death does not have the value of money that is they cannot be compared in terms of money.But Life Insurance has a different meaning as to provide their life a peaceful death so that at that time they need not worry about the fianace of their houses.In a way most of the insured persons have these kind of thinking too.
 Life insurance is a coverage os the losses of the insured person.

         
            The parties involved in Life insurance is also insured and insurer.The premium is given with extra amount added as a interest to recommended person by policyholder in the case of the death of the concerned person.To get the premium he/she have to show the proof of death certificate.Incase the death is not natural but murder or suicide then the insurance company has to investigate strictly and find the real cause then only compensation is paid to the recommended person but if the case is vice versa then the case is handled by the police officers.
            The premium should be paid by insured before the maturity of the contract in order to keep the contract in place.So insurance one type is life insurance in which the insured is relaxed at the time of dying as the insured has not only insured himself by making a insurance policy but also saved a net for their fmily members and their inheritance too.