Life Insurance Policies
How many death benefits does a joint life, first to die, policy pay over its lifetime?
Answer and explanation
Answer: A. The joint contract carries a single face amount, discharged at the first death, after which it generally ends subject to any option the survivor holds to buy individual cover. Paying twice would require two separate policies.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, joint life first to die
More life insurance policies questions
- What evidence of health must a member give to exercise the group conversion privilege?
- What external measure is commonly used to determine interest credits in indexed universal life?
- What form of insurance is group life cover usually written as?
- What forms of individual policy may a converting member obtain under section 3220?
- What happens to a survivorship life policy when the first of the two insured lives ends?
- What happens to the cost of an increasing term benefit as the insured ages and the coverage amount rises?
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