Life Insurance Policy is a stamped document containing the contract of life insurance and the terms and conditions agreed upon between the insured (the person whose life is insured) and the insurance company. The policy is issued under the seal of the company and is signed by the officers of the company. The policy contains: (i) The name, address, date of birth and occupation of the insured, (ii) the amount of the policy or the sum insured, (iii) the amount of premium and when it is payable, (iv) whether it is with or without profit (v) surrender value, assignment, etc. of the policy, and (vi) settlement of claim.