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url: /glossary/insurance-product.md
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## Insurance Product

There are five main categories of life insurance products. Each category has a different objective:

* Life insurance savings contracts
* Term life or whole life insurance (death cover). Quarzo Life does not manage these contracts.
* Retirement savings plans (PER Assurance) and supplementary pension contracts
* Funeral insurance. Quarzo Life does not manage these contracts.
* Capitalisation contracts, which include the insurance PEA

### Individual contracts

#### Individual life insurance savings contract

Triggering event: life (the policyholder can surrender the contract at any time) or death.

Parties: policyholder, insured, beneficiary.

#### Individual retirement savings plan (PERIN)

Triggering event: retirement, or death before retirement.

Parties: policyholder, insured, subscribing association, beneficiary.

#### Capitalisation contract

Triggering event: the end date of the contract. A surrender is possible at any time. Legal entities often use a capitalisation contract to invest their cash. The insurance PEA is a capitalisation contract for individuals.

Parties: policyholder (a capitalisation contract has no insured person).

### Group contracts (an employer subscribes)

* PERECO (collective company retirement savings plan): the employee decides the premium payments.
  * Parties: policyholder (the employer), insured, beneficiary.
* PERO (mandatory company retirement savings plan): the employer decides the premium payments. The PERO replaces the "article 83" contracts.
  * Parties: policyholder (the employer), insured, beneficiary.