Final answer:
The statement that is incorrect concerning Juvenile Life insurance is that it is classified as any life insurance written on the life of a minor. It is actually classified as any life insurance purchased by a minor.
Step-by-step explanation:
The statement that is INCORRECT concerning Juvenile Life insurance is: Juvenile Life is classified as any life insurance written on the life of a minor.
Juvenile Life insurance is actually classified as any life insurance purchased by a minor. It is specifically designed to provide coverage for a child or young person. Usually, a parent or guardian is the applicant for insurance on the life of a minor.
For example, a parent may purchase Juvenile Life insurance to provide financial protection for their child in case of unexpected events or to accumulate cash value over time.