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Since we live in a society, the first thought that comes to our mind is how to protect those who are dependent on us.
In simple words, the person who pays the premiums is the policy owner while the person who is covered by the policy is the insured person. Most of the life insurance policies do not cover deaths due to man-made events.Policy owner and the insured person Do keep in mind that the insured and the policy owner can be the same person or two different persons depending on the situation.For example, if you buy a policy for yourself, you are both the owner and the insured.The insurance companies insure a person in exchange for regular premiums.
Insurance certainly eases the pressure on a common person who depends on regular earnings to support his or her family.
Such policies are known as term insurance policies.