The insurance contract is a personal, conditional or unilateral contract between the insurer and the insured which means that the insurer is liable to pay the claim if damage occurs to the insured. Furthermore, the insurance contract law also states that the contract must be in good faith and all facts and rules must be stated in the contract. The several types of insurance contracts are further explained below.

Life insurance according to many experts is one of the building blocks of your future financial planning. Buying life insurance can be very crucial for the following reasons.

Final expenses Payments

Buying a life insurance means that in case of a person's death the insurance company pays money according to the value of the policy to the heirs of the deceased either in lump sum or in installments.

People Involved in the Transaction