That depends. If the insured person (you) dies as a result of an accident, yes the life insurance policy will pay out a death benefit.
However, if you (the insured person) do not pass away from the accident, there is no death benefit paid out.
In addition, some life insurance policies have exclusions, which are causes of death for which no death benefit is paid out.
For example, if you are an avid skydiver, and your policy has a specific exclusion listed in it that excludes death resulting from skydiving activities, then any accidental death from skydiving would not payout a death benefit on your life insurance policy.
Life insurance policies may or may not have specific exclusions for high risk activities and/or high risk occupations.
That's why it is important to advise your insurance company of any high risk activities you are involved in when applying for life insurance, and make sure you understand whether or not those activities are covered by your policy.
However, some insurance companies do offer life insurance for high risk.