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a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries when the insured dies.

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any person who gains an advantage and/or profits from something, in this case the person will receive benefits after the insured person has chosen that person as their beneficiary after their death.

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The policyholder pays money to the insurance known as Premiums. The death benefits are paid if the policyholder completed the required premiums before death

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Life Insurance: What It Is, How It Works, and How To Buy a Policy

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Life insurance is a contract in which an insurer, in exchange for a premium, guarantees payment to an insured’s beneficiaries when the insured dies.

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lasts a certain number of years, then ends.

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he policyholder is allowed to invest the policy’s cash value.

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A type of permanent life insurance with a cash value component that earns interest. Similar than term and whole but can be adjusted.

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a type of permanent life insurance that accumulates cash value.

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https://www.investopedia.com/terms/l/lifeinsurance.asp

https://www.investopedia.com/terms/b/beneficiary.asp