New York State Life Insurance Exam Questions Practice Question
Under a multiple protection policy, the policy that pays on the death of the last person is called
Correct Answer: B
Rationale: A survivorship life policy is specifically designed to pay out upon the death of the last insured individual, making it ideal for couples or partners who want to ensure financial support for heirs after both have passed.
A universal life policy (A) offers flexible premiums and death benefits but does not focus on the timing of death of multiple insureds.
A joint life policy (C) pays out upon the death of the first insured, not the last, and thus does not meet the criteria of this question.
An annuity life policy (D) is primarily for income during retirement rather than providing a death benefit, making it irrelevant in this context.
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