Life Insurance

Life Insurance can be subdivided in the two main types, namely endowment insurance, and composite insurance. The endowment insurance is an insurance which is paid out as soon as the insured passes away; if the insured person is alive on the end date of this insurance, the policy will lapse without any payment being made. The death of the insured gives rise to the insurer’s obligation to pay.

In the case of a composite insurance policy, the capital is paid out in the event of the insured’s early death, or if the insured person is alive on the maturity date. The early death of the insured before the policy end date, or the insured person’s survival on the expiry date is the condition for the insurer’s performance. The premium depends on the chosen plan, the capital, and the duration of the insurance.