Insurance of a House
Question :

Is insurance on a house or any property allowed?

Answer :

It is permissible if it is based on an agreement that the insurance policy holder pays a particular amount of money in exchange for the insurer to pay for loss and damage as stipulated in the contract.

Life Insurance
Question :

Is life insurance allowed in Islam?

Answer :

Yes, it is permissible.

Making Life Insurance as Dower
Question :

Is it allowed to have a life insurance as the dower (mahr)? It requires monthly payments and results in a cash pay-out in case of death.

Answer :

If one makes his wife the beneficiary on his life insurance policy then it is not valid to consider the paid amount after his death as dower. It is considered as a will.