A Joint Life policy provides coverage on how many lives and pays on the death of which insured?

• A. Two lives and pays on the death of the first insured
• B. Two lives and pays on the death of the second insured
• C. One life
• D. Three lives

Answer: (A)

Joint Life coverage involves two people. It provides a single death benefit and pays out when the first of the two insured individuals dies, after which the policy ends. This makes premiums typically lower than two separate policies because the payout is tied to the earliest death rather than the last. If you wanted coverage to pay on the death of the last surviving insured, you’d look at a survivorship (second-to-die) policy instead.