Which policy insures two or more lives and pays the death benefit on the first death?

Which policy insures two or more lives and pays the death benefit on the first death?

• A. Survivorship Life
• B. Group Life Insurance
• C. Joint Life
• D. Juvenile Life Insurance

Answer: (C)

Joint life insurance covers two or more people and pays the death benefit at the death of the first insured. This makes it a practical choice for couples or partners who want to provide for the survivor or cover a shared obligation like a mortgage. After the first death, the policy may terminate or convert to a single-life policy, depending on the contract. This differs from survivorship life, which pays only after both insureds have died, typically for estate planning purposes. Group life is employer-provided coverage for individuals within a group, not a single policy that pays on the first death of two named lives. Juvenile life insures a child and isn’t about two lives with a first-death payout. Therefore, the option that matches the description is joint life.

Joint life insurance covers two or more people and pays the death benefit at the death of the first insured. This makes it a practical choice for couples or partners who want to provide for the survivor or cover a shared obligation like a mortgage. After the first death, the policy may terminate or convert to a single-life policy, depending on the contract. This differs from survivorship life, which pays only after both insureds have died, typically for estate planning purposes. Group life is employer-provided coverage for individuals within a group, not a single policy that pays on the first death of two named lives. Juvenile life insures a child and isn’t about two lives with a first-death payout. Therefore, the option that matches the description is joint life.