Life Insurance Policies
What does the survivor purchase option in a joint life policy commonly provide?
Answer and explanation
Answer: A. Because the contract ends at the first death, these policies usually let the survivor take out individual cover within a limited period without proving insurability. There is no second benefit under the joint contract itself.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, joint life survivor option
More life insurance policies questions
- What does the owner of a level term policy receive if the policy reaches the end of its term without a claim?
- 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?
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