New York State Life Insurance Exam Questions Practice Question
Which of the following is a life insurance contract written on the life of an individual?
Correct Answer: D
Rationale: A Single-Life Insurance policy is specifically designed to provide coverage for one individual, ensuring a death benefit is paid out upon that person's passing.
Option A, "Insurance," is too vague and does not specify any particular type. Option B, "Survivorship Policy," covers two individuals and pays out only after both have passed, making it unsuitable for insuring a single life. Option C, "Joint Life Contract," involves two lives and pays out upon the death of one, which does not fit the criteria of insuring just one individual. Thus, Single-Life Insurance is the only option that directly addresses the question.
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