A contract where the insurer, against the payment of one or several fees (fixed or variable) by the insurance beneficiary, commits himself to pay a certain amount to the latter or to other assigned persons (the beneficiaries, provided that the insurant dies or is alive at the due date of this contract.)
It is only a few matters. You may compare with the following if you like: A contract in which the insurer, against payment of one or more premiums (fixed or variable) from the policy holder, commits himself to pay a certain amount to the latter or to other appointed persons (the beneficiaries) under the condition that the insured dies or is alive at the due date of this contract.