Question

An individual purchased a $100,000 joint life policy on himself and his wife. Eight years later he died in an automobile accident. How much will his wife receive from the policy?
A. Nothing
B. $50,000
C. $100,000
D. $200,000

Answer 1

Answer:

C. $100,000

Explanation:

It is mentioned in the question that the policy is a joint life policy on the individual and his wife.

The amount of the policy is $100,000

Therefore,

Since it is a joint life policy, the death benefit will be paid upon the first death which is the death of the individual and his wife will receive the money equal to the amount of policy purchase i.e $100,000