CARD Q033
A two-life policy pays its death benefit only after the second insured dies. Which type is it?
- Annually renewable term
- Survivorship life
- First-to-die joint life
- Group credit life
Survivorship life
Survivorship is second-to-die coverage. Joint life generally refers to first-to-die coverage in exam terminology.
Why each choice is right or wrong
A. Annually renewable term
Incorrect. Annual renewal describes term duration and pricing, not payment after the second death.
B. Survivorship life
Correct. Survivorship is second-to-die coverage. Joint life generally refers to first-to-die coverage in exam terminology.
C. First-to-die joint life
Incorrect. First-to-die coverage pays after the first insured death.
D. Group credit life
Incorrect. Credit life generally addresses a debt, not this second-to-die arrangement.
Review the related terms
Use these lessons to revisit the concepts and try additional practice questions.