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However, a person may make anybody the beneficiary of the policy.The insurance policy is a legal contract between the insurer and the insured.Despite this, a large number of people on this planet lead an uninsured life. To receive the death proceeds from the insurance company, the beneficiaries need to produce a death certificate of the insured person and proof of their own identity.

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For example, if you buy a policy for yourself, you are both the owner and the insured.

However, if you buy a policy for your spouse, you are the policy owner while your spouse is the insured person.

Governments around the world encourage people to go for insurance.

Many countries give incentives in different forms to encourage this practice.

However, if you go country-wise, the system would be simple to understand.

Last modified 19-Feb-2018 08:11