A life insurance contract is performed when the insurer fulfills the promises it makes in that contract. Because an insurance contract is unilateral, the policyowner (normally the insured) makes no promises in it; the only party with promises to fulfill is the insurer. The basic promise is, of course, to pay a death benefit, but the insurer also makes promises with respect to the amount and availability of cash values, the election of settlement options, and so forth.