what is Life policies are legal contracts and the terms of the contract describe the limitations of the insured events?

Life insurance (or life assurance, especially in the Commonwealth),

is a contract between an insurance policy holder and an insurer or assurer,

where the insurer promises to pay a designated beneficiary a sum of money

(the benefit) in exchange for a premium, upon the death of an insured person

(often the policy holder). Depending on the contract, other events such as terminal illness

or critical illness can also trigger payment. The policy holder typically pays a premium,

either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.