The type of policy which pays on the death of the last person is called
The type of policy which pays on the death of the last person is called
a) joint life
b) survivorship life
c) dual life
d) shared life
Answer: b) survivorship life
An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?
An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B