Life insurers offer life insurance policies.
A Life insurance policy is a written contract between the insurance company and the insured person.
The insured (owner) of the life insurance policy agrees to pay a specific amount of money (premium) to the insurer for a set duration, in return for the insurer agreeing to pay out a death benefit upon the death of the insured, subject to certain terms, conditions and exclusions stated in the life insurance contract.
Life insurers are rated by independent rating agencies.
These agencies review the financials of the insurers and issue financial strength ratings which indicate how financially stable the insurance companies are based on several key rating factors taken into consideration.