Parties to contract

Parties to contract

There is a difference between the insured and the policy owner (policy holder), although the owner and the insured are often the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. But if Jane, his wife, buys a policy on Joe's life, she is the owner and he is the insured. The policy owner is the guarantee and he or she will be the person who will pay for the policy. The insured is a participant in the contract, but not necessarily a party to it.

The beneficiary receives policy proceeds upon the insured's death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner may change the beneficiary unless the policy has an irrevocable beneficiary designation. With an irrevocable beneficiary, that beneficiary must agree to any beneficiary changes, policy assignments, or cash value borrowing.

In cases where the policy owner is not the insured (also referred to as the cestui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an "insurable interest" in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The "insurable interest" requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company which sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim (Liberty National Life v. Weldon, 267 Ala.171 (1957)).

Life insurance

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death. In return, the policy owner (or policy payer) agrees to pay a stipulated amount called a premium at regular intervals or in lump sums (so-called "paid up" insurance). There may be designs in some countries where: (Assets, Bills, and death expenses plus catering for after funeral expenses should be included in Policy Premium. Anyone whose assets equal more than the value of their primary residence should not be compensated beyond that value in case they cannot sell their house. In the case of those whose lost their spouse should be compensated also for one full year the wages of their spouse which would or should be included to avoid lawsuits.) However in the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy.

Insured events that may be covered include:

* death
* accidental death
* sickness

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Microsoft Corporation (NASDAQ: MSFT) (SEHK: 4338), or often just MS,[4] is an American multinational computer technology corporation with 79,000 employees in 102 countries and global annual revenue of US $51.12 billion as of 2007.[2] It develops, manufactures, licenses, and supports a wide range of software products for computing devices.[5][3] Headquartered in Redmond, Washington, USA, its best selling products are the Microsoft Windows operating system and the Microsoft Office suite of productivity software. These products have prominent positions in the desktop computer market, with market share estimates as high as 90% or more as of 2003 for Microsoft Office and 2006 for Microsoft Windows. One of Bill Gates' key visions is "to get a workstation running our software onto every desk and eventually in every home".[6][7][8][9][10][11][12][13]
Founded to develop and sell BASIC interpreters for the Altair 8800, Microsoft rose to dominate the home computer operating system market with MS-DOS in the mid-1980s. The company released an initial public offering (IPO) in the stock market, which, due to the ensuing rise of the stock price, has made four billionaires and an estimated 12,000 millionaires from Microsoft employees.[14][15][16] Throughout its history the company has been the target of criticism for various reasons, including monopolistic business practices—both the U.S. Justice Department and the European Commission, among others, brought Microsoft to court for antitrust violations and software bundling.[17][18]
Microsoft has footholds in other markets besides operating systems and office suites, with assets such as the MSNBC cable television network, the MSN Internet portal, and the Microsoft Encarta multimedia encyclopedia. The company also markets both computer hardware products such as the Microsoft mouse and home entertainment products such as the Xbox, Xbox 360, Zune and MSN TV.[5] Known for what is generally described as a developer-centric business culture, Microsoft has historically given customer support over Usenet newsgroups and the World Wide Web, and awards Microsoft MVP status to volunteers who are deemed helpful in assisting the company's customers.[19][16] The company's official website is one of the most visited on the Internet, receiving more than 2.4 million unique page views per day according to Alexa.com, who ranked the site 18th amongst all websites for traffic rank on September 12, 2007.[20]

Windows Vista is intended to be a technology-based release, to provide a solid base to include advanced technologies, many of which are related to how the system functions and thus not readily visible to the user. An example is the complete restructuring of the architecture of the audio, print, display, and networking subsystems; while the results of this work will be visible to software developers, end-users will only see what appear to be evolutionary changes in the user interface.
Vista includes technologies such as ReadyBoost and ReadyDrive which employ fast flash memory (located on USB drives and hybrid hard disk drives) to improve system performance by caching commonly used programs and data. This manifests itself in improved battery life on notebook computers as well, since a hybrid drive can be spun down when not in use. Another new technology called SuperFetch utilizes machine learning techniques to analyze usage patterns to allow Windows Vista to make intelligent decisions about what content should be present in system memory at any given time.

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Windows Vista is a line of operating systems developed by Microsoft for use on personal computers, including home and business desktops, laptops, Tablet PCs, and media centers. Prior to its announcement on July 22, 2005, Windows Vista was known by its codename "Longhorn".[1] Development was completed on November 8, 2006; over the following three months it was released in stages to computer hardware and software manufacturers, business customers, and retail channels. On January 30, 2007, it was released worldwide to the general public, and was made available for purchase and downloading from Microsoft's web site. The release of Windows Vista comes more than five years after the introduction of its predecessor, Windows XP, to date the longest elapsed time between successive releases of Microsoft Windows.
Windows Vista contains many changes and new features, including an updated graphical user interface and visual style dubbed Windows Aero, improved searching features, new multimedia creation tools such as Windows DVD Maker, and redesigned networking, audio, print, and display sub-systems. Vista also aims to increase the level of communication between machines on a home network, using peer-to-peer technology to simplify sharing files and digital media between computers and devices. Windows Vista includes version 3.0 of the .NET Framework, which aims to make it significantly easier for developers to write applications than with the traditional Windows API.
Microsoft's primary stated objective with Windows Vista, however, has been to improve the state of security in the Windows operating system.[4] One common criticism of Windows XP and its predecessors has been their commonly exploited security vulnerabilities and overall susceptibility to malware, viruses and buffer overflows. In light of this, Microsoft chairman Bill Gates announced in early 2002 a company-wide "Trustworthy Computing initiative" which aims to incorporate security work into every aspect of software development at the company. Microsoft stated that it prioritized improving the security of Windows XP and Windows Server 2003 above finishing Windows Vista, thus delaying its completion.
Windows Vista has received a number of negative assessments, criticism targets include protracted development time, more restrictive licensing terms, the inclusion of a number of new digital rights management technologies aimed at restricting the copying of protected digital media, lack of device drivers for some hardware, and the usability of other new features such as User Account Control.