What is life insurance?

It is that which is payable on the death of a person or on his surviving a specified period, or otherwise contingently on the continuance of cessation of life (Sec. 180). It is a mutual agreement by which a party agrees to pay a given sum on the happening of a particular event contingent on the duration of human life, in consideration of the payment of a smaller sum immediately, or in periodical payments by the other party.