26. A form of specialized life insurance in which the parent is usually the policyowner and a child is the insured is a
Answer: B
Juvenile life insurance is a specialized form of life insurance where a child is the insured.
This type of insurance typically designates the parent as the policyowner while providing coverage for the child.
A) joint life.
Joint life insurance covers two individuals, typically spouses, under one policy. This option is incorrect as it does not involve a parent insuring a child, but rather two adults sharing the same policy.
B) juvenile life.
Juvenile life insurance specifically refers to policies where a child is the insured and the parent is the policyowner. This option is correct as it directly describes the arrangement of insuring a child under a life insurance policy held by a parent.
C) limited payment life.
Limited payment life insurance requires premiums to be paid for a specified time, after which the policy is fully paid up. This option is incorrect as it does not pertain to the relationship between a parent and child in the context of insurance.
D) survivorship life.
Survivorship life insurance is designed to pay out upon the death of the last insured, usually covering two lives. This option is incorrect as it does not apply to a parent-child insurance scenario.
Conclusion
Juvenile life insurance is the only option that accurately describes the scenario where a parent owns a policy on a child. The other options focus on different structures of life insurance that do not involve the specific parent-child relationship in the context described. Thus, juvenile life insurance stands out as the definitive correct answer.