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1 An overview of life insurance 1.1 Contracts sold by life insurance companies This section is designed to give a broad overview of the ideas that will be covered in Subject CP1 surrounding life insurance, particularly for students who do not work in life insurance and who may be unfamiliar with some of the concepts involved. The key features of life insurance contracts are They are often long term eg insurance cover may be provided for 20 years say. There is typically only one claim as death only occurs once for most of us. The claim amount or sum assured may be known with certainty. They are used for protection against the financial impact of death or ill health, and for savings. They may be sold to individuals or on a group basis, eg to an employer to cover several employees. There are 15 life insurance products discussed in Subject CP1. More on these in Sections 2 to 14 of this chapter. Another subdivision of life insurance contracts is by investment type withoutprofit, withprofit, unitlinked, indexlinked.