A fortuitous event is one that occurs by chance or accident and is not foreseen or intended. Property and casualty insurance is designed to indemnify people for fortuitous events. Thus, coverage in a homeowners policy, for example, includes fire, lightning, and wind
storm. A certain event, such as
wear and tear, is not covered. Additionally, a fire intentionally set by the insured sets is not covered. Life insurance does pay for a certainty-death, but the timing of the death is not known. To protect the concept of fortuitous event, life insurance companies require a suicide clause, which states that there is no death benefit coverage if the insured commits suicide within 2 years of purchase. (See Pure Risk; Speculative Risk).