Which policy covering two or more individuals terminates after paying benefits only?
A. Family policy.
B. Joint life policy.
C. Survivorship life policy.
D. Limited payment whole life policy.
Answer (2)
The Joint Life Policy is the correct answer as it covers two individuals and terminates after paying benefits upon the death of one. This type of policy is used to provide financial support to the surviving partner. Other types of policies, like family, survivorship, and limited payment whole life policies, do not terminate in the same manner.
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The Joint Life Policy terminates after paying benefits following the death of one of the covered individuals. This type of policy is often used by couples or business partners to provide financial support to the survivor. It is essential to understand the distinctions among various life insurance policies for appropriate financial planning. ;
