There are two major types of life insurance—term and whole life. Whole life is sometimes called permanent life insurance, and it encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life.
Principles of Insurance
Utmost good faith.
Proximate Cause.
Insurable Interest.
Indemnity.
Subrogation.
Contribution
Loss Minimization.
Ensure Life insurance Claim will not be rejected.
State correct age, you should also be completely honest about your age,
occupation,
income and insurance coverage:( Don’t overstate your income so that you can buy a large cover. You won’t be around to do the fudging when the claim is rejected.)
Health Condition.
Exclusions
Every insurance provider states certain conditions under which the claim can be rejected. Some of them are suicide, drug overdose, death by accident under intoxication. Death due to any of these reasons are bound to be rejected as they do not come under a valid claim category as per the insurance companies.