Life insurance is a contract in which a policyholder pays regular premiums in exchange for a lump-sum death benefit paid to the policyholder's beneficiaries. The lump-sum benefit is paid when the policyholder either passes away or a specific amount of time has passed. Life insurance policies can provide financial security for surviving family members by replacing lost income and covering expenses.

There are a number of different types of life insurance policies (sometimes referred to as products)—all of which generally fall under the categories of term life insurance and whole life insurance. The names and terms of different life insurance products in these two categories vary from one insurance company to another.

Some examples of life insurance products include:

• term life insurance

• whole life insurance

• universal life insurance

• indexed universal life insurance

• guaranteed universal life insurance

• variable life insurance

• variable universal life insurance

• hybrid life insurance with long term care

• group life insurance

• mortgage life insurance

• credit life insurance

• joint life insurance

• simplified issue life insurance

• guaranteed issue life insurance

• accidental death and dismemberment insurance

In North Dakota, life insurance is regulated under state law and overseen by the North Dakota Insurance Department. The department ensures that life insurance policies comply with state statutes and regulations, which are designed to protect policyholders and beneficiaries. Life insurance policies in North Dakota can be categorized into term life insurance, which provides coverage for a specific period, and whole life insurance, which offers coverage for the policyholder's entire life. Other types of life insurance products available include universal life, variable life, and various specialized policies like mortgage life insurance or credit life insurance. Insurers in North Dakota are required to provide clear information about the terms and conditions of the policies they offer. This includes details about premiums, death benefits, and any exclusions or limitations. Consumers have the right to a 'free look' period, during which they can cancel a new policy without penalty. Additionally, North Dakota has laws in place to ensure the prompt payment of claims and to protect against unfair or deceptive practices in the life insurance industry.