Article 2682

A contract of life insurance is a contract by which the insurer undertakes against payment of one or more premiums to pay to the subscriber or a beneficiary a specified capital or life interest:

if the insured person is alive at a date fixed in the policy, or

if the insured person dies.

An insurer may issue a combined policy in which he undertakes to pay under both paragraphs (a) and (b) of sub-Article (1).

Except as otherwise provided in Chapter 1 of this Title regarding “Annuities,” the provisions of this Chapter on life insurance govern life or fixed-term annuities issued by insurers.