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However, a person may make anybody the beneficiary of the policy.
The insurance policy is a legal contract between the insurer and the insured.
In simple words, the person who pays the premiums is the policy owner while the person who is covered by the policy is the insured person. Most of the life insurance policies do not cover deaths due to man-made events.
The insurance companies insure a person in exchange for regular premiums.The other type of policy is bought from an investment perspective.These can be called by different names like Universal, Permanent or Whole Life insurance.Despite this, a large number of people on this planet lead an uninsured life. To receive the death proceeds from the insurance company, the beneficiaries need to produce a death certificate of the insured person and proof of their own identity.The insurance company may demand more documents to ascertain the identity of the beneficiary or the cause of death of the insured.