Excerpt from Legal Medicine, Vol. 2
Life Insurance is a contract. On the one part the insured pays the insurers a certain amount, either in a lump sum or in yearly or quarterly instalments (called the premium), and on the other part the insurers agree to pay a certain sum of money to the executors or assigns of the insured at death, or to him at a certain age agreed upon, or if he die before this time to his executors.
Sometimes insurances are effected for a limited number of years, payment of the sum assured to be made only if the person die during the period of the insurance. Various other special contracts may also be entered into.
The writing by which all these contracts are made is termed a policy.
In the remarks we have to make we shall use the word applicant, to signify the person who makes an application to insure a life - the insured, to signify the person on whom the policy is granted - and the insurers, the office that grants the policy.
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