With life insurance, the insured transfer the risk of death to the insurer. It is not always the case that the insured to ensure his own life. Thus, there are three parties to a contract of life insurance, the insurer, the insured and the policyholder. The other important part is the receiver, the person who receives the insurance money if the insured dies. One or more of these parties could be the same person, for example, when I make my own life and my wife of the recipient, while I am the owner and the insured. Even though my wife says that my life and the receiver is then who is the owner and beneficiary.
An important concept here is the insurable interest. You need what is insurable interest in the life of the person to make you. Believe it or not, has a practice in the nineteenth century that people speculative insurance policies on the lives of others.
For example, if I knew that in a dangerous journey that could get a life insurance policy in the hope that is not and I would be a great payout. These days, that life does not guarantee anyone. You must demonstrate an interest in the life of a person. You are to always have an interest in the life of your spouse and guardian, if minor, but all other relationships should prove insurable interest. If employers have a staff of very high value, or sports teams have a star player or a famous actor to a film contract employer shall ensure their lives.
Most life insurance policies have a suicide clause saying that if the insured commits suicide, usually within two years not to pay the policy. There is also a competition period. It is also about two years and if the insured dies during this period, the insurance company the right to better investigate the death before deciding whether to pay.
The value of the insurance contract is subject to the principle of insurable interest. For example, if your spouse $ 10,000 per year to support offers will probably not be possible to take an insurance policy of $ 50,000,000 in his life. The premium is calculated on the basis of the amount payable and the assessment of the risk of death of the insured.
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