Which term describes a policy written on two lives that pays on the first death?

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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

Which term describes a policy written on two lives that pays on the first death?

Explanation:
A joint life policy covers two people and pays out when the first of them dies. This setup provides a single death benefit after the first death, and the policy typically ends then (though some versions allow conversion or continuation). This differs from survivorship life, which pays only upon the second death, and from term or whole life, which insure one person, not two. So the description—two lives with a payout at the first death—fits a joint life policy.

A joint life policy covers two people and pays out when the first of them dies. This setup provides a single death benefit after the first death, and the policy typically ends then (though some versions allow conversion or continuation). This differs from survivorship life, which pays only upon the second death, and from term or whole life, which insure one person, not two. So the description—two lives with a payout at the first death—fits a joint life policy.

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