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It is a contract between the insurer and a policyholder. It guarantees payment from the insurer in the event of the death of the insured.

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Term - It provides coverage for a certain period of time. The payment will be paid if the insurer dies in that term and the insurer can apply another term later. It is less expensive than some of the others and it has no cash value.

Whole - Covers the life of the insured. It includes death benefits and includes a savings where the cash value will accumulate. Provides payment in exchange for periodic premium payments. It has a cash value.

Universal - Is permanent and has a savings elements while also having low premiums. Some have a flexible premium option but some are fixed. It is also flexible when choosing its death benefits.

Variable - Is a permanent life insurance with an investment component. It has a cash value account that can be invest in different sub-accounts that are available in the policy.

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What are they?
In general: they are any person who gains anything from something. It is someone who is eligible to receive from a trust, will, or life insurance.

How do they receive payment?
Usually paid when the insurer died. The beneficiary would have to file a death claim with the insurance company by submitting a certified copy of the death certificate. The insurance company will then take from about 30-60 days to pay the beneficiary

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What is it?
It is a periodic payment required by an insurer to provide coverage under a given insurance plan

Factors that can determine the premiums:

Insurer's age

Insurer's gender

Medical history

Health history

Current health

Weight

Family history

Occupational hazards

Personal risk propensity

Lifestyle

Smoking

Drinking

Hobbies

Driving records

Credit Score

Occupation

Policy choice

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https://www.investopedia.com/ask/answers/08/variable-life insurance.asp https://www.investopedia.com/terms/l/lifeinsurance.asp

https://www.investopedia.com/articles/investing/102914/7-factors-affect-your-life-insurance-quote.asp

https://www.insurancehotline.com/the-top-10-factors-that-affect-life-insurance-premiums/

https://www.investopedia.com/ask/answers/08/term-life-insurance.asp

https://www.investopedia.com/terms/w/wholelife.asp

https://www.investopedia.com/terms/u/universallife.asp

https://www.investopedia.com/articles/personal-finance/121914/life-insurance-policies-how-payouts-work.asp

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