Legal aspects of the contract of life insurance compared to other similar contracts

Life insurance is a special kind of activity which has a huge influence on social and economic structure of a country. Because of its nature, life insurance is different from all other insurances. Compared to other contracts, the contract of life insurance and the contract of warranty by its nature are most similar to the contract of loan insurance and all sorts of responsibilities. The contract of life insurance has certain similarities with the contract of savings deposits. The similarities between the contract of life insurance and the contract of the membership in voluntary pension fund are particularly reflected in their similar commercial function.