Question

Joint Life Policy is taken by the firm on the life(s) of ________.

• A. All the partners jointly
• B. All the partners severely
• C. On the life of all the partners and employees of the firm
• D. Both (A) and (B)

Answer 1

The correct option is D Both (A) and (B)

A Joint Life Policy is an insurance policy which is taken out by the partnership firm on the joint lives of all the partners. The amount of policy is payable by the Insurance Company either on the death or on maturity of policy, whichever is earlier as all the partner severely.'