Concept of life insurance introduced only for the welfare of people who want to survive their family members after death it’s depended on common wealth. Life insurance is an contract between insurance holder and assure relating to contents one part offered to other for giving a lump sum amount in result of receiving particular premium at the end of every year.
After death of policy holder all amount will be transferred to holder’s relatives and any other mentioned party. In result of any critical illness depressed to policy container also trigger payment, every policy has years ending date.
Life insurance is not illegal contracts between parties and followed the rules and regulations imposed by government firstly, policy maker cleared terms and conditions in front of that person who want to take course of action in shape of getting insurance holder document under particular circumstances. There are many types of insurance in the world like marine, accidental or others who reliable of recovery of financial loss.
Regarding to life insurance prospects a legal file design by many authorized enterprises involved sign agreement between policy maker and insurance holder. One party able to deposit a fixed premium to company end of the year and when he lost his breaths an handsome lump sum amount would be given to family members for future uses if they are not in this world then automatically shifted to other relatives.
The best thing is that mostly people did not like insurance policy because they never accepted the responsibility of their own death and benefit shifted to others but its very good matter for solving economy problems occurred after the death of depositor.
Life insurance policy has not typical process of giving services firstly necessary for policy holder proved himself as healthful man in front of medical department then, he will be able to get insurance under special agreement.