Question 61

Last survivor insurance features coverage of two or more individuals with the death benefit payable upon the remaining person's death.

Last survivor insurance is specifically designed to provide coverage for two or more individuals, ensuring that the death benefit is payable only after the last insured person passes away.

A) beneficiary insurance.

Beneficiary insurance does not refer to a specific type of policy that covers multiple individuals. Instead, it typically relates to the designation of a beneficiary who receives the death benefit upon the policyholder's death, which does not encompass the concept of joint coverage or payment upon the last person's death.

B) joint life insurance.

Joint life insurance covers two individuals, but it typically pays out the death benefit upon the first individual's death rather than waiting for the last survivor. Therefore, it does not align with the characteristic of having the benefit payable only when the last insured person dies.

C) endowed life insurance.

Endowed life insurance is a policy that combines life insurance with a savings component, maturing at a specified age. This type of insurance does not involve coverage for multiple individuals or the stipulation of benefits upon the death of the last insured person.

D) last survivor insurance.

Last survivor insurance is precisely designed to cover two or more individuals, with the death benefit payable only upon the death of the last surviving insured. This characteristic distinctly sets it apart from other types of insurance mentioned in the options.

Conclusion

Last survivor insurance is the only option that accurately reflects the feature of covering two or more individuals while ensuring that the death benefit is paid only upon the last insured's death. Other options either do not relate to the concept of multiple insured individuals or do not specify the condition of payment upon the last individual’s death, making them incorrect in this context.