Usually, the insured takes out the life insurance policy on themselves and pays the premiums on the policy, either monthly, quarterly or annually, to the insurance company.
The named insured person of the policy should be someone family members depend on for financial support; such as, living expenses, so that if the insured dies, a life insurance policy replaces their financial support.
The insured is the person listed on the policy whose death prompts the death benefit payout to the beneficiary.
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