What is the joint life policy?
What is a Joint Life Term Insurance policy? The Joint life term insurance policy gives coverage to two people. The premium is paid by both the insured pears for the fixed period, and the pay-out is on a first death basis. In case one of the policyholders dies, the sum assured is paid to the other policyholder.
Why do the partners take a joint life policy?
The purpose of the joint life policy is to reduce the financial burden on the firm at the time of payment of a large sum to the legal representative of the deceased partner. The insurer receives the payout when after the death of his insure partner.
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.
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