Life insurance is insurance that prays money after a person suddenly dead. This money gets her/his family member after her/his death.
What Is Insurance?
We have all heard a lot about insurance. As a general perception, insurance is something that supports you or the things you have insured to sustain a large financial loss. But there is more than just what you think is capable of taking a loss. We will look at this in more detail.
In technical terms, it is a form of risk management for the insured entity to transfer the cost of potential losses to another entity in exchange for a small financial compensation. This compensation is called a premium. In short, it is like paying a single sum to the entity to protect yourself from possible future losses. So when something unfortunate happens, the insurer helps you fix the situation.