The full name of life insurance is life insurance, which is a kind of life insurance for short. Life insurance: life insurance with the life of the insured as the insurance object and the survival or death of the insured as the payment condition. Like all insurance businesses, the insured transfers the risk to the insurer, accepts the insurer's terms and pays the insurance premium. Different from other insurances, life insurance transfers the risk of the insured's survival or death.

when an insured accident happens to the life of the insured, the insurer pays the insurance money. At first, life insurance was to protect the economic burden that might be caused by unpredictable death. Later, savings were introduced into life insurance, so the insurance company will also pay the agreed insurance premium to those who still survive when the insurance expires. Life insurance is a social security system, and it is an insurance business with human life and body as the insurance object.

Extended information:

With the improvement of people's living standards and the enhancement of risk awareness, being prepared for danger in times of peace is not only reflected in the demand for material compensation, but also developed to the point that more and more people seek the security of old-age care, the relief of death and the payment of disability. Since the reform of China's economic system, the development of individual economy and collective economy, the reform of medical care, unemployment, housing and distribution system have made people have further demand for personal insurance.

The function of life insurance is divided into the following three points:

1. Carrying out life insurance is a necessary supplement to the national social security measures. Designing different forms of life insurance according to actual needs can meet people's requirements and promote social stability.

2. As the saying goes, people are doomed. Sickness, old age and death are inevitable in a person's life. Personal insurance can play a role of preparedness, which can provide all kinds of protection for families and individuals, solve economic difficulties, relieve worries and make people live and work in peace and contentment.

3. China is the country with the largest population in the world, and it has great potential in life insurance. It will accumulate scattered and small premiums, and make full use of the long-term characteristics of life insurance funds to turn some consumption funds into production funds, thus promoting the development of the national economy. At the same time, it also provides a reliable guarantee for the insured. Because through the use of funds, the insurance fund has been further strengthened.

Baidu encyclopedia-life insurance