It is a contract between the policy owner and insurer to pay on death or illness?

It is a contract between the policy owner and insurer to pay on death or illness?
(a) G B Fund
(b) Insurance
(c) Both a & b
(d) None of a & b
✅ Correct option: (b) Insurance
Explanation: Life insurance is a contract providing payment to beneficiaries after the insured’s death or illness.