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What is life insurance and how does it work?

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What is life insurance and how does it work?

My doubt is from Insurance subject

This question was addressed to me by my college professor while I was bunking the class.

Other related questions to my question are:

What is life insurance and how does it work?

What is life insurance mean?

What is life insurance and its benefits?

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The correct answer is: Life insurance is a contract between you, the policyholder, and an insurance company. In exchange for a monthly premium payment, the insurer will pay your beneficiaries a death benefit in the event of your passing. Term, Whole, Universal, and No-exam are the most common life insurance policies.22 hours ago

The title of my answer can be What is life insurance and how does it work? | Money

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