Life & Health Insurance License Test

Roberto let his individual health insurance policy lapse two months ago. Fearing that he might have cancer, Roberto now wants to reinstate the policy. Assuming the policy is reinstated, how many days must Roberto wait before any illnesses will be covered?

10

The Texas Department of Insurance has found that ABT Insurance has consistently failed to promptly respond to policyholder communications regarding claims. This means that it typically fails to respond within

15 days.

Bethany was injured in a car accident on May 1. Within how many days must she typically notify her health insurance company about the claim?

20

Into how many categories do many dental plans typically group their covered treatment and benefits?

3

If a person receives funds directly from a qualified pension plan and intends to roll them over to an IRA. Within how many days must the rollover be completed?

60 days. If a person receives funds directly from a qualified plan and plans to transfer them to an IRA rollover account, he or she has 60 days to complete the rollover transaction. If the funds are not deposited within 60 days, they are subject to income tax and a penalty tax.

Which of the following standards does NOT apply to Medicare supplement policies sold in Texas?

A policy can indemnify losses resulting from sickness on a different basis than losses resulting from accidents.

Which of the following statements about using testimonials or endorsements by a third party in insurance advertisements is correct?

Advertisements must state whether a person is being paid for endorsing the insurance product.

On June 1, Sandra submitted proof of her uncle's death and her right as beneficiary to receive the proceeds of his life insurance policy. A life insurance policy settlement must take place by

August 1.

By offering tax incentives, the federal government encourages employees to participate in qualified retirement plans. Which of the following is NOT one of these incentives?

Benefits are taxed only if withdrawn at retirement.

Best Insurers just created an advertising campaign in which to publicize the new health insurance policy that it is offering. The company asks you for advice about which of the following items may be used alone in the advertisements. You inform them correctly that their advertisements must contain

Best Insurers' full name.

Centennial Computers just laid off Ed, Nancy, Bill, and Jenna. Under Texas law, Centennial must provide continued health insurance coverage for at least six months to

Bill, age 40, who is still looking for a new job and wants to continue the group coverage.

Bob bought a $100,000 ten-year level term insurance policy ten years ago on March 1. What will happen if he dies this year on March 1?

Bob's beneficiary will not receive the death benefit.

Larry, Brian, Susan, and Jennifer just started working for AllPro Insurance Company in Texas. Based on their job descriptions below, which of them is NOT an agent?

Brian, who is a vice president in AllPro's human resources department and does not receive commissions

Tanya has a private pilot's license and flies recreationally. Her life insurance company allows coverage for that risk and does not have an aviation exclusion. If Tanya continues piloting aircraft, her insurer will most likely do which one of the following?

Charge Tanya an additional premium as long as she pilots her own plane.

Cindy, age 51, withdraws $15,000 from her 401(k) plan so that she can buy a new boat. All the following statements regarding this are correct, EXCEPT:

Cindy can avoid taxation if she can demonstrate to the IRS that the boat was essential to her financial well-being.

Damien just bought a variable annuity from Delta Insurance Company. Which party bears the investment risk with respect to the assets in the separate account?

Damien

Raphael is an agent for ABC Insurers and refers a prospective client to Dana, an agent at XYZ Insurers. Which of the following statements about commissions in this case is correct?

Dana can legally share her commission with Raphael under Texas law.

Janson Automotive is a small family-owned business with 20 employees. If it offers a small employer health benefit plan, which of the following employees will be eligible for coverage?

Dora, who works 35 hours a week as a full-time office manager

Ella is an agent for State Industry Insurance Company in Texas. After meeting with several family members, she learns that they would like to buy some life and health insurance contracts from her company. Which of the following statements is correct?

Ella can sell insurance to her family members provided at least 25 percent of the total volume of her premiums comes from non-family members.

Which of the following statements best characterizes the role of Medicaid for its recipients?

For many elderly Medicare recipients, Medicaid assistance is essential. The costs associated with an extended nursing home stay or with catastrophic illnesses can quickly overwhelm personal savings.

Quest Publishing has six employees and wants to apply for a group health plan. Which of the following actions may the insurer take when underwriting the policy?

It can require the employees to provide evidence of insurability.

Which statement about the supplementary medical insurance plan, Part B, of Medicare is correct?

It is optionally available to anyone covered under Medicare Part A.

Janet is the owner of a small hardware store and is insured under a business overhead expense policy. If Janet became disabled, the policy would cover all of the following EXCEPT

Janet's salary

Marcy buys an individual health insurance policy on May 1. Five days later, she decides to return the policy to the insurer. What is the result?

Marcy can return the policy for a full refund of premium.

When and why was Medicaid created?

Medicaid was established in 1965 by Title XIX of the Social Security Act to provide health care and health-related services to people with low incomes. It is jointly funded by the federal and state governments and administered by the states.

Raylette earns a gross salary of $3000 per month and is covered under a group disability income policy sponsored by her employer. When she became totally disabled she was surprised to learn that her plan only paid her $1,800 per month and wants to know why it doesn't provide $3000 per month to match her salary. Which of the following is the most likely reason for this?

No DI policy replaces full gross income, since doing so promotes malingering.

All of the following statements about disability buy-out policies are correct, EXCEPT:

Only the business may own the policy.

Jake is a new life insurance agent and was reviewing several applications for insurance to determine whether an insurable interest exists between the parties. He determined that an insurable interest does NOT exist in which of the following cases?

Patricia, who is applying for life insurance on her best friend's life

Which statement about the taxation of annuities is NOT correct?

Qualified annuities—those used in qualified plans—are taxed according to the rules that apply to life insurance.

Premier Health Company is an HMO that is operating in several states. It wants to offer coverage in Texas but is not sure what is required under Texas law, and has asked you for advice. You inform Premier that it must meet all of the following requirements before it can operate in Texas EXCEPT:

Receive at least $1 million annually in premiums.

Which one of the following statements about variable life insurance is correct?

Subaccounts are separate and distinct from the insurer's general accounts.

Which of the following statements about taxes on disability income and medical expense insurance is NOT correct for persons under age 65?

The IRS rule applies to premiums for indemnity policies but not managed care HMO and PPO plans.

Your client was injured in a car accident and submitted proof of loss in a timely manner to Alpha Insurers. After reviewing the claim, Alpha denied any payment. Your client now wants to sue Alpha Insurers. What would you recommend?

The client cannot take legal action until at least 60 days after submitting proof of loss to Alpha.

Eric's managed care plan states that he and his family must receive care from an approved provider. If they receive care from an unapproved provider, what will happen?

The insurer may not cover the costs at all or may only partially cover them.

Blue Cross and Blue Shield offer basic, major, and comprehensive medical plans as well as HMO plans. What else do these organizations do?

They administer Medicare programs for the federal government in many states.

For tax purposes, the term "self-employed person" includes all of the following, EXCEPT

a C corporation with fewer than two employees

Carla incurs $7,000 in covered medical expenses. She must pay $500 of those expenses, and the policy will base how much benefit it pays on the remaining $6,500. What kind of deductible does Carla have?

a flat deductible

Which of the following can be used either to limit or expand coverage by adding optional benefits?

a health insurance policy rider

All of the following are basic elements of a legally enforceable contract EXCEPT:

a named beneficiary

Which of the following need NOT be included in an advertisement that is considered an invitation to contract?

a statement that the Texas Department of Insurance has approved the advertisement

When Matthew met with a potential client, he used a life insurance illustration to show how the policy's cash value would grow over the client's lifetime. Matthew could include all of the following in the illustration without violating Texas regulations EXCEPT

a statement that the policy is a type of investment and savings plan.

Under Texas law, an individual life insurance policy is NOT required to contain a(n)

accelerated benefit provision.

Shelley is an agent and has been misrepresenting the terms of the policies that she sells in order to boost her commissions. When the Texas Department of Insurance discovers her actions, it can do all of the following EXCEPT

begin criminal proceedings against her.

Which of the following will be excluded under Star's health insurance policy?

cancer treatments received in Mexico.

The term "medically necessary care" is associated with which of the following characteristics of health insurance?

claims

Country Life Insurers is a small insurance company with $10 million of assets in its general account. These assets would most likely be invested in

conservative and safe investments.

Which of the following types of insurance is typically used for credit life insurance?

decreasing term. The type of insurance typically used in credit life insurance is decreasing term insurance. The coverage matches the declining balance on the loan. As the insured's loan balance decreases, so does the coverage.

John is thinking about buying major medical expense coverage for himself and his family. He has determined that his family will require all of the services listed below. Which of the following will NOT be covered by his policy?

dental check-ups for his teenage son

The Texas Consumer Information Privacy Regulation was enacted to protect consumers' personal health and financial information from unwanted disclosure. Which of the following is NOT required of insurers under this regulation?

explain the penalties that apply if the applicants and policyholders do not return a signed copy of the privacy notice to the insurer

If Chris is eligible for Social Security disability benefits, what is his work status?

fully insured

An insurance company can exclude coverage for a specific medical condition by including which type of rider in a health insurance policy?

impairment

Agents who willfully violate a Texas insurance law may be subject to disciplinary action. Which of the following is NOT a remedy available to the insurance commissioner?

imposing a maximum criminal sentence of up to six months in jail

The Texas Department of Insurance regulates the state's insurance industry. Which of the following is NOT one of its responsibilities?

imposing civil and criminal penalties on producers who violate the state's insurance laws

Jill is the beneficiary of her uncle's life insurance policy and is guaranteed to receive income payments for life. However, she is also guaranteed to receive payments for at least ten years. Under which settlement option is Jill receiving the life insurance proceeds?

life with term certain

Brian is an insurance agent for ABC Insurers. When he meets with Sarah to discuss long-term care insurance policies, Brian intentionally does not tell her that the policy has a cap on the amount of benefits that it will pay. Sarah buys the policy, thinking that it will cover all of her long-term care expenses. Based on this information, Brian has committed

misrepresentation.

Juan went to the emergency room in the middle of the night because he was having a heart attack. If a non-network physician provides emergency care, then Juan's HMO

must pay for the care at its usual and customary rate or at an agreed rate, regardless of whether the physician is in the network or not.

Bob was reading an advertisement for a long-term care policy which stated that the policy had a level premium. When he contacts the agent to get more information, the agent informs him correctly that this policy is

noncancellable.

The Smith family just became eligible for the Children's Health Insurance Program (CHIP) on January 1. Their children will be eligible to receive benefits under the program

on April 1.

The FICA tax is split between an employee and employer, with the employee paying how much?

one-half (50 percent) of the total tax.

All of the following are standard life insurance policy nonforfeiture options EXCEPT

one-year term insurance option

Under the terms of an annuity contract, periodic payments occur during what phase or period of the contract?

payout period

The purpose of a "relation of earnings to insurance" provision in a disability income policy is to

prevent a person from receiving more from a disability insurance policy than he or she could have earned by working.

Bob owns a whole life insurance policy that pays $400 in policy dividends this year. He decides to use the $400 to purchase additional whole life insurance. Which of the following has Bob selected as a dividend option to increase his coverage?

purchase of paid-up additions, buying paid-up insurance of the same type as the base policy

Jack, an insurance agent, offers free season football tickets to anyone who buys a life insurance policy from him. This sales practice is called

rebating

For what groups of people were medical savings accounts (or MSAs), the forerunners of health savings accounts (HSAs), specifically created?

self-employed people and employees of small employers

Which of the following life insurance settlement options is the least complicated?

straight life

HIPAA established that premiums for and benefits paid under tax-qualified long-term care insurance plans receive what type of tax status?

tax-favored status

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) created which two categories of long-term care policies?

tax-qualified and non-tax-qualified LTC policies

Tony pays the premium for his individual health insurance policy on the first of every month. However, he went on a 30-day trip and forgot to pay the premium. His policy must contain a grace period of at least

ten days.

When an insurer issues individual health insurance policies, all of the following factor into the premium rate EXCEPT:

the insurer's reserves.

What is another name for the annuitization phase of an annuity contract?

the payout stage

Kara is insured under a specified disease policy that covers medical expenses arising from cancer and leukemia. If she later develops tuberculosis and incurs medical expenses to treat the disease,

the policy will not pay any medical benefits.

Health insurance protects against many risks that could impact all of the following, EXCEPT

the prosperity of the person's business.

Eric's medical expense plan requires Eric and his family to get medical care from certain providers if the cost of the care is to be covered. Given this information, what type of insurance does Eric NOT have?

traditional medical expense plan

When Cooper was completing his application for an individual health insurance policy, he intentionally omitted information concerning his history of skin cancer. What can the insurer do when it discovers this omission one year later?

void the policy

Sally is a 25-year-old clerk employed by Acme, Inc. Under Acme's employer-pay-all group life plan, Sally's coverage is $60,000. The premiums for what portion of that coverage are taxable to Sally?

$10,000

Abby is an actress but can no longer perform onstage after being injured in a car accident. She now works as an acting coach and earns $40,000 a year, $20,000 less than she did while acting. What benefit will her income replacement disability policy will pay?

$20,000

Julia owns a $250,000 whole life policy that she plans to cancel. If she elects to exercise the extended term nonforfeiture option with the policy's $25,000 cash value, Julia will receive a term policy with a face value equal to what amount?

$250,000

An insured bought a $75,000 ten-year level term policy. Which of the following statements about the insured's policy is NOT correct?

If the insured dies after ten years, only the policy's cash value will be paid to the beneficiary.

What is the general rule governing insurable interest?

Insurable interest exists only if the person buying the contract will suffer a financial loss when the insured dies.

If insurers do not allow minors to be beneficiaries of life insurance, what do they do if no adults are available to receive death benefits?

Insurers require the court to appoint a legal guardian before paying benefits to a minor child. State law prevents insurers from paying death benefits to minors, but the states do not provide the solution to that problem. The insurer requires the court to appoint a legal guardian before paying benefits to a minor.

Among the variety of life insurance products, what of the following is a unique advantage of an annuity?

Its purpose is to liquidate a fund and protect against outliving one's income.

Which of the following statements is true regarding types of insurance sales systems?

Direct response companies sell insurance directly to consumers through the mail or television advertising, without the use of a licensed producer.

All of the following distributions from a qualified plan are exempt from the 10 percent penalty tax on premature distributions, EXCEPT

Distributions made because the participant needs the funds to pay for homeowners insurance premiums.

Which statement about life policy riders that cover additional insureds is NOT correct?

Each additional insured is issued his or her own separate policy.

Which statement about the tax treatment of endowment contracts is correct?

Endowment contracts no longer get the good tax treatment given to life insurance policies.

Which one of the following most correctly describes the tax treatment of withdrawals from a modified endowment contract (MEC)?

Full withdrawals and policy loans from a MEC are treated on a LIFO (last in, first out) basis; in addition to income tax, MEC withdrawals taken before the owner's age 59 ½ are subject to a 10 percent penalty.

Which of the following statements about IRA rollovers is CORRECT?

Funds can be rolled over from one IRA to another or from a qualified retirement plan to an IRA. Rollover IRAs are commonly used as people move from job to job. Rather than have amounts from a qualified plan account distributed to him or her, a person can transfer the funds directly to an IRA. Funds can also be rolled over from one IRA to another.

Which of the following is not true about deferred annuities?

Funds cannot be accessed until the payout period.

Mark and Melanie are a young married couple who own permanent life insurance policies. Expecting their family to grow, they want to increase their insurance protection without having to prove their insurability. Which of the following riders should their agent recommend?

Guaranteed insurability rider

If an agent is performing actions in his day-to-day business dealings that are not stated in the agent's contract but are necessary to carry out his express authority, he is exercising what kind of authority?

implied

Erica just spent two days in the hospital following surgery. When she receives her benefit statement from Medicare, she learns that Part B will cover all of the following expenses while she was in the hospital EXCEPT

inpatient prescription drugs and meals

Norm is reading his new health insurance policy and sees a clause that describes the insurer's promise to pay benefits, provides definitions used in the policy, and explains the type and scope of coverage. Based on this information, which clause is Norm reading?

insuring clause

Paul knows that if he ever needs funds quickly, he can access his life insurance policy's cash value through a loan or withdrawal. This feature of life insurance can help Paul meet which need?

liquidity

What is the main appeal of joint life insurance?

lower cost

All of the following are standard exclusions found in most policies, EXCEPT:

military service

To qualify for the accelerated benefit rider, Beth must prove she either has a terminal illness or had an accident, either of which will result in her death within what time frame?

one to two years

The sale of a Medicare supplement policy that results in the insured having coverage already provided under Medicare is

prohibited in all cases.

A disability income benefit rider differs from a waiver of premium rider in that the disability income benefit rider.

provides a monthly income.

Which one of the following is an additional charge imposed by an insurer to recover the cost of getting new business?

sales load

What is a life insurance policy that offers coverage for a specified, limited period with no cash value building up called?

term life insurance policy

When pricing health insurance policies, insurers must account for morbidity rates. What do these rates indicate?

the average number of persons at various ages who can be expected to become disabled because of accident or sickness

What is credit life insurance designed to cover?

the borrower's life. Credit life insurance covers the life of a borrower in the amount of his or her outstanding loan. Decreasing term insurance is typically used for this purpose.

Larry has a major medical policy that requires him to pay the first $1,000 of expenses before the policy begins paying benefits. What is this amount called?

the deductible

Which of the following is represented by the sum of the present values of all expected benefits under a life insurance policy?

the net single premium

Interest that accumulates on funds paid into deferred annuities is taxed in which of the following ways?

The funds are not taxed while they remain in the annuity.

Which of the following is NOT a requirement a retirement plan must meet in order to be qualified?

The plan must cover key employees and independent contractors.

Nick did not pay his premiums and Company A decides to cancel his policy as a result. How many days' notice must Company A give to Nick?

10 days

All of the following are correct statements about the taxation of modified endowment contracts EXCEPT:

MECs enjoy all of the tax advantages of life insurance.

Which of the following best illustrates the intended use of an annuity?

Maura purchases an annuity to convert a sum of money into a series of payments to herself.

Blue Cross provides coverage for hospital care; Blue Shield provides medical and surgical care. Under these plans, which of the following statements is correct?

Members pay a monthly fee in exchange for a broad range of plan services.

Annette, Joan, Calvin, and Noah each own an individual life insurance policy. Which person will most likely be able to take an income tax-free loan from his or her life insurance policy?

Noah, who bought a $1 million variable life policy five years ago

Which statement about life insurance policy dividends is correct?

Policy dividends are considered a return of unearned premium.

Is pregnancy excluded from coverage under health insurance policies?

Pregnancy may be a pre-existing condition under individual policies.

Which of the following best describes how the insured's money is handled in a variable life insurance policy?

Premiums are placed in investment subaccounts owned by the policyowner.

Which statement regarding prepaid tuition plans is NOT correct?

Prepaid tuition plans are typically open to both state residents and non-residents.

Which of the following sections of the Tax Code deals with the exchange of life insurance policies and annuities?

Section 1035

Which of the following does NOT provide independent ratings of insurance companies' financial strength and claims-paying abilities?

Securities and Exchange Commission

Mallory submitted a notice of claim with ABC Insurers after breaking her leg in a skiing accident. Three weeks later, ABC Insurers had not yet sent the claim forms. What are Mallory's options?

She can submit a written statement describing the nature and extent of the loss.

Jessica's traditional IRA is worth $300,000 and consists only of prior deductible contributions and earnings. What are the tax implications if Jessica converts her IRA to a Roth IRA?

She must pay income taxes on the entire $300,000.

Why are ambiguities in an insurance contract most often interpreted in favor of the insured or the policyowner?

The contract's terms are drafted by the insurer without input by the policyowner.

Most disability income policies have a provision that covers recurrent disabilities. Which of the following statements about recurrent disability provisions is NOT correct?

The disability income benefits paid are typically lower for a recurrent disability.

Under the unpaid premium provision, what may the insurer do with respect to unpaid premiums that the insured owes when a claim is made?

The insurer can deduct this amount from the benefit it pays the insured.

In which of the following situations would the facility of payment clause of a life insurance policy NOT be applied?

The insurer learns, when paying the claim, that the designated beneficiary had no insurable interest in the insured at the time of death.

If an insured, Nan, dies during her life insurance policy's grace period without having paid her premium, what is the insurance company's obligation?

The insurer pays the death benefit after first deducting the unpaid premium. If the insured dies during the grace period without having paid the premium, the insurer deducts the unpaid premium from the death benefit.

Group health insurance is a plan of insurance that an eligible group sponsor, such as an employer, provides for its members. Which of the following statements about eligible group sponsors and group insureds is correct?

The plan sponsor owns the plan and pays its premiums. The individual group members are the insureds.

The basic function of a life insurance policy's net single premium is most correctly described by which of the following statements?

The net single premium is the sum of the present values of all the expected benefits under the policy.

Jim owns an individual disability income policy. He is also covered by a group disability income policy. If he suffers a disabling injury and his personal disability income policy contains a relation-to-earnings provision, what will happen?

The total amount he can receive from both policies cannot exceed his current wages.

At what point does the annuity beneficiary receive any benefits under the contract?

at the death of the owner or annuitant.

A Social Security recipient's modified adjusted gross income exceeds the threshold level for his or her filing status. What will happen to his or her benefits?

Up to 85 percent of his or her Social Security benefits will be subject to tax.

Like a plan for group life insurance, group health insurance coverage is issued to the plan sponsor. What do the group sponsor and insurer have to indicate their agreement to this arrangement?

an insurance contract

Richard just retired at age 72 and owns a $500,000 life insurance policy. Because he no longer needs insurance protection, Richard would like to sell his policy and use the proceeds to travel during retirement. Which option would be best suited for this purpose?

a life settlement

Sylvia's insurer guarantees a fixed death benefit for the policy she owns. Based on this, which one of the following benefits is also most likely guaranteed with this policy?

a minimum rate of return on the policy's cash value. Sylvia's policy does guarantee a minimum rate of return on the policy's cash value.

Underwriters use their judgment to classify risk. In evaluating risk, insurers will also consider which of the following?

a numerical rating system to evaluate the risk posed by proposed insureds.

To reinstate his lapsed life insurance policy under a reinstatement agreement, Peter must provide all of the following, EXCEPT:

a valid reason for the unpaid premiums

Jeremy and his brothers each purchased individual health insurance policies at a young age, and have kept their policies in force over the years, because of their family history of cancer . Which of the following describes the tendency of Jeremy and his brothers to seek insurance?

adverse selection

Which of the following is most likely to be covered under Bob's health insurance policy?

an X-ray and MRI to diagnose hip pain

Which provision protects against the unintentional lapse of a life insurance policy?

automatic premium loan

Jessica purchased an annuity with a single $175,000 premium payment, and payments began one month later. Based on these facts, what type of annuity did she purchase?

immediate annuity

Dental insurance typically covers all of the following forms of treatment EXCEPT

cosmetic treatment

A disability waiver under a universal life policy can take the form of a waiver of stipulated premium or a waiver of which of the following?

cost of insurance

When originally set forth, the optional cancellation provision enabled an insurer to cancel a policy at any time with 45 days' notice. When does this 45-day notice requirement also apply?

if the insurer decides not to renew the policy or to change the premium rate.

Which of the following costs would not be covered under a business overhead expense policy?

employee wages

Howard is 45 and has a modest but steady income. He wants to invest in a product that will provide him a steady, dependable monthly income when he turns 65. Which of the following products would be most suitable for Howard?

fixed deferred annuity

Variable life insurance policies offer all of the following EXCEPT

flexible premium payments

What of the following uses employee withholdings to fund out-of-pocket costs for health and medical care that insurance does not reimburse, including annual deductibles and co-payments?

flexible spending account (FSA)

Jackson was traveling through Europe when he realized that he forgot to pay his monthly premium for his individual health insurance policy. Which provision in the policy will keep the policy in force until he pays the premium next week?

grace period

All of the following are riders associated with health insurance policies, EXCEPT:

guaranteed renewal riders

When Vincent began work at The New Company, he was making $5,000 per month. He knew at that time that if he became disabled, his benefit would be 60 percent of his salary, or $3,000 monthly. Since then, his work schedule has been reduced to part time, only 20 hours per week, and his salary has been cut in half. Three years after becoming a part-time employee, he filed a disability income claim. Which of the following policy provisions is most likely to affect his actual disability benefit?

the relation of earnings to insurance provision

Insureds under a group life insurance plan have all of the following rights EXCEPT

the right to convert to an individual policy at any time

What is the typical life insurance contract's reinstatement provision period?

three years, but may be longer depending on the case and the laws of the state that control the policy.

All of the following are acceptable payment modes for traditional life insurance policy premiums EXCEPT:

weekly

Agent Brian meets with Phil, who is interested in buying an individual disability income policy. Brian collects the application and also completes his agent's report. All of the following might be included in the report to assist the underwriter in determining whether to accept the risk and at what rate EXCEPT:

what Brian surmises about Phil's immediate family: that they probably have the same habits

Which of the following is NOT a factor in determining the tax treatment that applies to life insurance and annuity products?

what the owner does for a living

Under a joint life insurance policy, when does the insurer pay the death benefit?

when the first insured dies