Lífstryggingar
Lífstryggingar, or life insurance in English, is a contract between an insurance policyholder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. This payout is typically intended to cover expenses such as funeral costs, outstanding debts, or to provide financial support for dependents.
There are generally two main types of life insurance: term life insurance and whole life insurance. Term
The primary purpose of life insurance is to offer financial protection to loved ones in the event