PRC Wealth Management (3)—Insurance, Taxation & International

Author: Han Kun Law Offices  Antonio Chen1Life Insurance1. Types of life insuranceDeath insurance: refers to life insurance for which payment is conditioned upon the death of the insured. Specifically, death insurance may be classified as either fixed-term life insurance (term death insurance) or whole life insurance (non-term death insurance).Fixed-term life insurance (term death insurance): refers to life insurance that provides an insurance benefit payment to beneficiaries of the policy if the insured dies within a specified term. The insurance contract will terminate if the insured lives beyond the expiration of the insurance term, and the insurer is neither obligated to pay insurance benefits nor refund the premiums already paid.Whole life insurance (non-term death insurance): refers to life insurance for which payment is conditioned upon the death of the insured and the rel ………………………………