Question 26

Last survivor insurance provides death benefits upon the remaining person's death.

This type of insurance is designed to cover two or more individuals, ensuring that the death benefit is paid out only after the last surviving insured passes away.

A) beneficial insurance.

Beneficial insurance does not specifically refer to a policy that covers multiple individuals with benefits contingent on the last survivor's death. This option is incorrect as it does not align with the definition of the insurance types relevant to the question.

B) joint life insurance.

Joint life insurance covers two individuals, but it typically pays out the death benefit upon the death of either insured person. This option does not fulfill the requirement of providing benefits only after the last surviving individual dies, making it an incorrect choice.

C) endowed life insurance.

Endowed life insurance is designed to pay a benefit at a certain age or upon death, but it does not specifically address coverage for two or more individuals or the conditional nature of benefits based on the last person's death. Consequently, this option is incorrect.

D) last survivor insurance.

Last survivor insurance specifically covers two or more individuals and only pays out the death benefit upon the death of the last surviving insured person. This option directly matches the question's requirement, making it the correct choice.

Conclusion

Last survivor insurance is the only option that accurately describes a policy where the death benefit is payable upon the last individual's death, distinguishing it from other types of insurance that provide benefits under different conditions. The other options either do not cover multiple individuals or have different payout structures, confirming that D is the definitive correct answer.