An insurance policy is a contract under which the issuing insurance company agrees to pay benefits under specified conditions, i.e., the death of the insured, in return for the payment of premiums. The industry is regulated at the state level usually by state insurance boards. State insurance boards require that insurance companies meet certain minimum standards to sell insurance in their state.
Some life insurance policies make it possible to borrow money against the policy.
Related Fool Article
Recent Mentions on Fool.com
- Our 25th Year of Retirement by Age 62
- Retirement 2015: A Look at the Year Ahead
- Why You Need to Start Treating Your Debt Like an Emergency
- The Average American's Net Worth By Age: Here's Where You Stand
- The Typical American's Net Worth By Age: Here's Where You Stand
- This Medicare Mess Could Delay Your Retirement