What is a joint life policy?
What is a joint life insurance policy? It's a life insurance policy for two people – typically spouses or domestic partners – but it only pays a benefit when one of them dies. Some policies are term life insurance policies, but most are permanent whole life insurance or universal life insurance.
What is joint life policy reserve account?
Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity.
What is the surrender value of a joint life policy?
Premium Paid is treated as an Asset\n\n In this situation, partners debit the amount of insurance premium to Joint Life Policy A/c and credit to Bank A/c.
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