A: No, Life Insurance is not mandatory but when you have dependants like
children, parents & spouse, then Life Insurance becomes
an integral aspect of your life.
A: Car Insurance operates on the principle of risk pooling. Policyholders
pay premiums to the insurance company, creating a pool of funds.
A: The person or entity who is paid the proceeds under the insurance policy.
How does the beneficiary designation work in life insurance? ... The policyholder designates a beneficiary who
receives the death benefit upon the policyholder's death.