[J009]

joint life and survivor insurance

A type of life insurance coverage for more than one person. Benefits are not paid until the last of the covered insureds has died. Lower premiums exist on this policy than on individual life policies because of the potential for a much longer period of time that should normally exist before the policy is called upon to make benefits (all insureds must be deceased).

Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100