Article 773 of Civil Code

1 - Insurance is a contract under which the insurer undertakes to pay the insured or the beneficiary a sum of money, an annuity, or any other pecuniary compensation upon the occurrence of the event or realization of the risk specified in the contract, in return for monetary consideration paid by the insured to the insurer. 2 - The consideration for insurance may be paid in installments or in a single payment.