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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.

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Many countries give incentives in different forms to encourage this practice.

Despite this, a large number of people on this planet lead an uninsured life. To receive the death proceeds from the insurance company, the beneficiaries need to produce a death certificate of the insured person and proof of their own identity.

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.

These can be called by different names like Universal, Permanent or Whole Life insurance.

Term Insurance Term insurance is a kind of temporary insurance that would provide a death benefit for a certain period of time. Term insurance is not as costly as permanent insurance.

However, if you buy a policy for your spouse, you are the policy owner while your spouse is the insured person.

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.

In most cases, the dependents include the spouse, children, and parents.

However, a person may make anybody the beneficiary of the policy.

The insurance policy is a legal contract between the insurer and the insured.

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