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How does Life-insurance work?

can someone explain to me the details on how life-insurance works?

Pay 250CP...get protected for x hours.....if you die to PK within that time...you lose another 250CP and your gear is in your INV when you die (or mgiht still be EQd i cant remember)

thank you

You didn't have anything crumble did you?

No it worked so it was awesome. I was just being paranoid.

Edited

Usually, 3 pieces (random rares) stay in the corpse and can be looted or retrieved.

As of May 2015, rares no longer crumble.  Unless I missed an update between then and now.

1 hour ago, Anume said:

Usually, 3 pieces (random rares) stay in the corpse and can be looted or retrieved.

Isn't that 2?

2-3 random