When is the face amount paid under a Joint Life and Survivor policy? Archives - Management Notes

When is the face amount paid under a Joint Life and Survivor policy?

November 10, 2023September 26, 2022 by Smirti Bam

When is the face amount paid under a Joint Life and Survivor policy?

When is the face amount paid under a Joint Life and Survivor policy?

Options:

when policy reaches maturation
upon the death of the first insured
upon the death of the last insured
when one of the insureds becomes disabled and no longer able to make premium payments

The Correct Answer Is:

c. upon the death of the last insured