Life insurance is a contract between a life insurance company and the insurance policy holder. It is a form of financial protection for the beneficiary of the insured person in case of death. The policy holder pays periodic amounts called premiums for the duration of the policy and upon death, the insurance company pays a specific sum of money to a designated beneficiary in form of income. The insurance policy can also cover other expenses related to burial and funeral. Payment from the policy can be a lump sum or an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2021, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third largest life insurance markets were China and Japan, respectively.
Why is the U.S. life insurance market so much larger than the Chinese life insurance market?
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