Fill in the blanks with suitable words in the following incomplete sentences.
The insurance that covers the life is called ______.

Life insurance:- 

A life insurance contract is a contract whereby the insurer i.e. the insurance company undertakes to pay a specific sum on the death or after the expiry of the specified period, whichever is earlier, to the insured or his beneficiary for a premium.

In this type of insurance the subject matter of the contract is the life of a person. The premium may be paid in lump sum or in installment.