In order for individuals, companies or organization to manage risks they do make contacts with insurance companies to protect them against several risks. Many Individuals insure themselves(which is known as life insurance) and their properties, so that when they die or something happen to their properties they get payed for it as the case may be.
For life insurance, the individual will have to pay the insurance company regularly and after the individual's death, the agreed amount will be paid to the beneficiaries of the deceased.
According to New York law, the maximum amount of life insurance Jack with $20,000 insurance policy on himself can purchase on his daughter is 50000.
