life insurance

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Where the insurance contract obligates the company to pay a specific amount of money or a monthly salary to the heirs of the deceased person who holds the insurance contract, or to persons specified by the person before his death. This insurance contract may include other conditions, such as: that the individual owner of the insurance policy receives his dues after reaching a certain age, or in the event of injury and exposure to total or partial disability, provided that the individual is committed to paying what he is owed to the company, which may be through a subscription. Monthly, yearly, or one-time only depending on the contracted insurance company’s policy and regulations

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