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Life insurance or life assurance is a contract between the policy
owner and the insurer, where the insurer agrees to pay a sum of money upon the
occurrence of the policy owner's death. In return, the policy owner (or policy
payer) agrees to pay a stipulated amount called a premium at regular
intervals.
As with most insurance polices, life assurance is a contract
between the insurer and the policy owner (policyholder)
whereby
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