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Life insurance (or commonly final expense insurance or life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") in exchange for a premium, upon the death of the insured person.
Added 3/10/2015 3:21:21 AM
This answer has been confirmed as correct and helpful.
Confirmed by
jeifunk [3/10/2015 3:23:34 AM]
