Final answer:
George's life insurance policy covers two lives and pays the death benefits after the first person dies
b. Survivorship life
Step-by-step explanation:
George's life insurance policy, covering two lives and paying the death benefits after the first person dies, aligns with a Survivorship life policy. Also known as a "second-to-die" policy, it pays out upon the death of the second insured individual. This policy commonly serves estate planning purposes, providing benefits to beneficiaries after both insured parties pass away.
Survivorship life policies work by combining two lives under a single policy, and the death benefit is paid out only when both individuals covered by the policy have passed away.
It's different from a joint life policy, which pays out upon the first insured individual's death. In the case of George's policy, the benefits are only realized after the second individual passes away, indicating it is a Survivorship life insurance policy.