Insurance

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The process of acquiring a life insurance policy requires meeting certain conditions imposed by the law and the issuing insurance company. Generally, an insurable interest only needs to exist when the contract is issued unless state law or the policy provides otherwise. A term policy pays a death benefit if the insured dies within the specified time period or term of coverage stated in the contract. If the insured survives the term, the policy expires without any value since such contracts generally have no cash value or dividends.