Question

In a life insurance policy it is later found that the person doesn't have insurable interest then the contract is expired

Answer 1

Explanation:

The persons who are entitled to claim and receive payments in life policy give the age proof. The rights of the parties are defined in the policy. At the maturity of policy by death or by the happening of the event insured against the contract in the policy is discharged by payment of the insurance money.

Answer 2

Answer:

Explanation:

When you buy a term life policy, you purchase it for a set term, say 20 or 25 years. You pay premiums during the duration of the term, and if you die during that time, your family gets the full the death benefit. ... Once your term policy expires, hopefully your need for life insurance will be gone, too