What are "life insurance companies"?

All of us know that we pay large sum of payments called as premiumin exchange for making certain future contractual payments to companies called "insurance companies". This post shall display about the basic concept of life insurance companies

Definition of life insurance company

Life insurance company is a financial institution that primarily insures against death but also sells investment oriented products

These companies pay to a beneficiary based on certain events such as death or disability of the insured party
The premiums received are used to build reserves to pay future claims and are invested in variety of assets eg: corporate securities