Final answer:
A life insurance contract covering two or more individuals with proceeds paid upon the first to die is called a Joint life policy.
Step-by-step explanation:
A life insurance contract which insures two or more individuals with the proceeds paid upon the death of the first to die is known as a Joint life policy. This type of policy is designed for couples or business partners, where the death benefit is paid out when the first person in the policy passes away. The survivorship life policy (also known as second to die policy), in contrast, pays out the benefit after the second person passes away. A joint and survivor policy provides benefits after the first person dies and continues to provide some benefit for the survivor. Finally, a family policy might cover multiple members of a family but not necessarily have the 'first to die' condition.