The way of taking financial security against the risks related to death and life is called as the policy of life insurance now-a-days. This is a popular dissimilar business around the whole world as it is a kind of contract between the insured and insurer. So there are shown some essential elements related to the contract and business. There are mainly two types of elements. These are described in the given below.
A. Legal elements:
B. Elements related with insurance business:
Finally we can say that, a contract of a life insurance policy is build up within both types of all elements in the above; we can’t ignore anyone of them.
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