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Question
Usually ______ policy is taken up by husband and wife or by two partners in a partnership firm.
Usually ______ policy is taken up by husband and wife or by two partners in a partnership firm.
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Solution
The correct option is C Joint Life Policy
Joint life policy as the name suggests is taken up by two or more persons jointly. The premium can be paid jointly or by either of them in installments or lump sum.
On the death of any one person the assured sum or policy money is payable to the other survivor or survivors. Usually, husband and wife or partners in a partnership firm take this policy where the amount is payable to the survivor on the death of either of the two.
Joint life policy as the name suggests is taken up by two or more persons jointly. The premium can be paid jointly or by either of them in installments or lump sum.
On the death of any one person the assured sum or policy money is payable to the other survivor or survivors.
Usually, husband and wife or partners in a partnership firm take this policy where the amount is payable to the survivor on the death of either of the two.
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