A life insurance policy written on two people in one contract and payable upon the first death is called

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Study for the Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Exam. Familiarize yourself with key concepts through engaging questions and explanations. Prepare effectively for your exam!

Multiple Choice

A life insurance policy written on two people in one contract and payable upon the first death is called

Explanation:
When two people are insured under one contract and the death benefit is paid upon the first death, this is a joint life policy (often described as a first-to-die policy). The policy covers both lives under a single agreement, and the payout occurs when either insured dies first. This distinguishes it from survivorship life, which pays at the death of the last surviving insured, and from term or whole life policies that cover only one person or extend for a set term or a lifetime for a single insured.

When two people are insured under one contract and the death benefit is paid upon the first death, this is a joint life policy (often described as a first-to-die policy). The policy covers both lives under a single agreement, and the payout occurs when either insured dies first. This distinguishes it from survivorship life, which pays at the death of the last surviving insured, and from term or whole life policies that cover only one person or extend for a set term or a lifetime for a single insured.

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