What does Life Insurance Contract mean? Read on to discover the definition & meaning of the term Life Insurance Contract - to help you better understand the language used in insurance policies.
Life Insurance Contract
A life insurance contract is a legally binding agreement in which one party (generally, a life insurance company) agrees to pay a certain sum of money to beneficiaries of the other party (generally, the policyholder) upon that party's death, or after they reach a specific age.
We hope the you have a better understanding of the meaning of Life Insurance Contract.