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Question
Write short note on Life insurance.
Solution
Life insurance is a contract between the insured and the insurer. The insurer agrees to pay a specific sum of money in exchange for a premium, either upon the insured's death or after a set period of time. Life insurance protects individuals and their families in the case of death or disability. There are various types of life insurance policies, including term, whole life, universal, and variable. Life insurance helps individuals plan for the future and safeguard their loved ones from financial troubles, ensuring expenses are paid even in their absence.
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