The life insurance policy in America is the
legal framework that regulates the relations and mutual rights between the
parties to the insurance relations, which result from the insured’s undertaking
to bear the burden of certain risks during the agreed time period.

American life insurance policy

It should be noted that the parties to the
insurance relationship are not fixed in all life insurance policies, but rather
differ in terms of type and number from one life insurance policy in America to
another.

In a life insurance policy, there may be only
two parties: the insurer, the insurance company, and the contracted insured, as
if a person insures his life and for the benefit of himself, as if a person
buys a life insurance policy that includes him obtaining an amount of 25000
pounds if he is alive at the age of 30 years.

In this case, we find that the insured
represents three people, namely the insured, the insured, and the beneficiary.
On the other hand, the life insurance policy may direct three independent
parties, and they are “the insured, the insured and the beneficiary.” For
example, a person insures his life for the benefit of another person.

If a person contracts with an insurance company
with a contract that guarantees his wife an amount of 30,000 pounds in the
event of his death at any time, for example, in this case the contracting party
is the insured and the insured, and the insurance company is the insurer and
the wife is the beneficiary.

Deferred mixed insurance in America

It is known as the mixed insurance for the
child, so that the name is different depending on the difference of the
beneficiary. If the person who benefits from the insurance is a child, it is
called child insurance. If the beneficiary is a child with another person, it
is known as deferred mixed insurance.

In this insurance, the company undertakes to pay
the agreed amount in the insurance, at the end of the time period that was
agreed upon. This insurance is suitable for people who want to provide a sum of
money for children when they reach a certain age. In order to provide their own
supplies.

Pension insurance

This type of insurance is one of the types that
are concerned with providing sums of money at a specific time. It is used to pay
people's pensions. The money can also be paid in the form of pensions, after
the death of the person. This is done over agreed time periods.

Temporary insurance

With the refund of premiums, this insurance is
considered one of the insurance, in which the insurance company pays the agreed
amount of money upon the death of the person. And also pay them to the
beneficiaries. In the case of his life throughout the insurance period, the
company returns the premiums that he paid. Young people also take out this
insurance, in order to obtain protection for themselves and their families.