The owner agrees to pay premiums on a regular basis to the insurer in return for the insurer agreeing to pay out a death benefit if the insured person dies while the life insurance policy is "In Force".
The person covered by the life insurance policy is the Insured Person - the person whose life is insured by the policy.
The death benefit can help provide financial security for the future of the insured's family.
However, the owner of the policy has is the one who chooses the beneficiary of the life insurance.
Here's how you can learn more about life insurance terms and how life insurance policies work.