life insurance (Lebensversicherung)

A (German) Life insurance is a contract between an insurance policy holder (Versicherungsnehmer) and an the insurer (Versicherer), where the insurer promises to pay a designated beneficiary (Begünstigter) a sum of money (the benefit) in exchange for a premium (Prämie), upon the death of an insured person (versicherte Person). Depending on the contract (Versicherungspolice) other events can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum (Einmalzahlung).  Upon the insured person`s death, the insurer requires acceptable proof of death before it pays the claim to the beneficiary or, if there is no designated beneficary, to the heir (Erbe).