This is called an adhesion contract. The insurance contract must be legal or the contract will be voided. Some types of insurance policies are assignable. Property or liability insurance is not assignable without consent of the insurer. Each contract is personal between the two parties.
Life insurance is the most assignable of any type of insurance.
The premium is consideration paid by an insured to an insurer for indemnifying the insured against certain peril. Premiums for life insurance are based on mortality tables, interest rates, and administrative expenses of the insuring firm. A person is entitled to a return of premium when there was over-insurance, insurer fraud, insured was ignorant of certain facts through no fault of their own, or the insurer did not incur any liability under the policy by any default of the insured except actual fraud. Representations and warranties are both part of an insurance contract. Representation is an oral or written statement given by the insured.