Final answer:
The incorrect statement about Juvenile Life insurance is that it is classified as any life insurance purchased by a minor, as minors legally cannot purchase life insurance for themselves.
Step-by-step explanation:
The incorrect statement concerning Juvenile Life insurance is, "Juvenile Life is classified as any life insurance purchased by a minor." This is incorrect because juveniles are not legally able to enter into contracts, including insurance policies; therefore, they cannot purchase life insurance for themselves. Typically, it's a parent or guardian who applies for and purchases life insurance on behalf of the minor.
Juvenile Life insurance is indeed classified as life insurance written on the life of a minor, and usually, a parent or guardian is the applicant for such insurance. It can also be a limited premium payment policy, where the premiums are paid only for a set period or up until the child reaches a certain age, after which the policy may be paid-up or may continue without further premium payments.