In USA the life insurance has a note by which the company takes the obligation to pay a lump in care of the individual’s demise, but the life insurance may also cover the death and funeral service of the beneficiary.
The history of the life insurance goes back to 5000 BC in ancient China and Babylon and comes up to our days in England where the first people that used the life insurance were the traders. Life insurance is a contract and it does have legal value. The specific of a life insurance is that the policy owner is at the same time the insured, but there are types of life insurance when the insured person has no relationship with the person that finances the life insurance or holds the life insurance, and it is called STOLI – stranger originated life insurance-.
The life insurance has protection policies and investment policies. The company that sells you the life insurance makes calculations that will assure him profit based on each life insurance he sells. The life insurance amount paid is called a premium and the plan on which is being made is based on science analysis where are included the mortality statistical tables also. Another important fact to add is the criteria of age, gender and whether the insured is or not a smoking person. There is also other exclusion specific for each life insurance and present in all life insurances such as: suicide, fraud, war, and riot or civil commotion.
InsuranceRatingsLife is an online life insurance site that allows consumers to apply for life insurance quotes from a variety of major life insurance providers.