Life Insurance: Policy Contracts

The contract of life insurance is expressed in a document known as a policy. The life insurance policy is distinguished from most other types of contract by the following peculiarities. First, it is a unilateral contract. That is, the insured may cancel the contract at any time, and under certain conditions may even recover a portion of what he has paid under its terms, while the insurance company has no such option, but is bound by the contract so long as the insured fulfils his obligations. Read More...