What is mean by life insurance class 11?
Life insurance is a contract in which the beneficiary is paid a fixed amount of money by the insurer after the death of the insured. The beneficiary uses this money to clear out the debts of the insured and also to meet his/her financial expenses after the death of the insured.
What do you mean by life insurance?
Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.
What is insurance class 11 in one sentence?
It is a contract or agreement under which one party agrees in return for a consideration to pay a specified amount of money to another party to make a loss, damage or injury to something of value in which the insured has a pecuniary interest as a result of some uncertain event.
What are the elements of life insurance class 11?
Main elements of Life Insurance\n\n This premium may be paid in one lump sum, or monthly, quarterly, half yearly or yearly. The company promises to pay a certain sum of money either on the death of the person or on his attaining a certain age (i.e., the expiry of certain period).