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Each of the following is a traditional whole life insurance plan, EXCEPT:

A. Joint life
B. Single premium life
C. Straight life
D. Limited payment life

1 Answer

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Final answer:

The plan that is not a traditional whole life insurance plan is Joint life insurance, which covers two people and pays out upon the first death, unlike other whole life policies that have a cash value and cover the lifetime of the insured.

Step-by-step explanation:

The insurance plan that is not a traditional whole life insurance plan is Joint life insurance. Whole life insurance plans are designed to provide coverage for the lifetime of the insured person with a death benefit and a cash value component. The common types of whole life insurance include Straight life (or ordinary life), where premiums are paid throughout the insured's life; Single premium life, where a lump sum is paid upfront; and Limited payment life, where premiums are paid over a specified period. In contrast, Joint life insurance typically covers two people with the death benefit being paid out on the first death.

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