MANAGEMENT

Life insurance is a contract where by the insurer agrees to pay certain amount to the assured or his dependent nominee on maturity of the contract period or on the death of assured in the consideration of certain amount paid by the as sued as premium life insurance is suppose being started during 18th century life of human being is uncertain a man may die at any time or may meet with serious accident which disables the person form doing regular job or from earning money in the both cases the person or the family may suffer financial crises life insurance provides financial security to those people however it is not a contract of indemnity
For life insurance of a person insurances companies design different types of insurance policies with different features and benefits for easiness to understand life insurance policies can be categories in different types those policies can be classified on the basis of premium payment method number of lives covered method of claim payment participation on profit and duration of policies widely accepted classification which is based on duration of policies is as follows
1. Whole life policy.
2. Endowment policy.
3. Term policy.