+WRONG! I DON'T KNOW WHERE YOU CUT AND PASTED THAT FROM, BUT IT IS WRONG! Although it is a contract between the polcy holder and tyhe insurer the agreement is to pay a stipulated sum of money called the face value, not an accumulated sum, to the beneficiaries of the policyholder upon demise (death), not illness. The policy holder has to pay the insurer a pre-determined amount called the premium over the term of the plocy, i.e., a set number of years.
Absolutely right...i attribute the mistakes made to the perils of multitasking :(. Thanks for pointing it out.