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1. Whole Life or Ordinary Policies - the insured agrees to pay annual, semi-annual or;
2. Quarterly premiums while he lives. The insurer agrees to pay the face value of the policy upon the death of the insured.
3. Limited Payment Life Policy - premiums paid only for a specified period of years.
4. Term Policy - insurer’s liability arises only upon the death of the insured within the agreed term as period. If the latter survives the period, the contract terminates and the insurer is not liable
5. Endowment Policy - insurer agrees to pay a certain sum to the insured if the latter outlives
a designated period; if he dies before that time, the proceeds are paid to the beneficiary
6. Life Annuity - debtor binds himself to pay an annual pension or income during the life of
one or more persons in consideration of a capital consisting of money or other property,
whose ownership is transferred to him with the burden of income.
2. Quarterly premiums while he lives. The insurer agrees to pay the face value of the policy upon the death of the insured.
3. Limited Payment Life Policy - premiums paid only for a specified period of years.
4. Term Policy - insurer’s liability arises only upon the death of the insured within the agreed term as period. If the latter survives the period, the contract terminates and the insurer is not liable
5. Endowment Policy - insurer agrees to pay a certain sum to the insured if the latter outlives
a designated period; if he dies before that time, the proceeds are paid to the beneficiary
6. Life Annuity - debtor binds himself to pay an annual pension or income during the life of
one or more persons in consideration of a capital consisting of money or other property,
whose ownership is transferred to him with the burden of income.
