Life insurance, this type of insurance is quite common among all of us, since it is used as compensation coverage for the beneficiaries in the event of the death of the beneficiary or as a guarantee of payment in some cases.
This type of insurance is regulated and contemplated by the Law of insurance contracts, being applicable the same or, failing that, the current mercantile legislation. A life insurance contract is defined as the different types of policies that include all the risks that may affect the existence, bodily integrity or health of the insured.
The intrinsic characteristic of this contract is compensation given that the insurer undertakes, by collecting the stipulated premium and within the limits established by law and in the contract, to pay the beneficiary a capital, an income or other agreed benefits, in the case of death or survival of the insured, or both events together.