Life insurance contracts pay off in the event that the insured person is killed. While the terms of the contract are very specific, pretty much any type of death is covered as long as it's not specifically excluded by the policy. For example, racing drivers may have auto accidents excluded from their policies, while nuclear engineers may find that death from cancer isn't covered for them. This is one of the most common practices in the insurance industry. The underwriting process is the method by which an insurance company assesses the risk of a potential client and writes or denies their plan accordingly. While there are dozens of types of life insurance policies, the two most frequently seen in the United States are whole life and term life plans.
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