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At the time of death of a partner firm gets________ from the insurance company of the Joint Life Policy taken jointly for all the partners.
- a)Policy value
- b)Surrender value
- c)Policy value for the dead partner
- d)Surrender value for all the partners
Correct answer is option 'A'. Can you explain this answer?
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At the time of death of a partner firm gets________ from the insurance...
Joint Life Policy and Death of a Partner
Joint Life Policy is a type of life insurance policy where multiple individuals are covered under a single policy. In the case of a partnership firm, all the partners can take a Joint Life Policy to cover their lives. The premium for the policy is paid jointly by all the partners.
In the event of the death of a partner, the insurance company pays out the policy value to the remaining partners. The policy value is the sum assured under the policy, which is paid out in case of the death of any of the covered individuals.
Surrender Value and Joint Life Policy
Surrender value is the amount that an insurance company pays to the policyholder in case they wish to terminate the policy before its maturity. However, in the case of a Joint Life Policy, surrender value is not applicable as the policy covers multiple individuals.
Policy Value for the Dead Partner
In the case of the death of a partner, the insurance company pays out the policy value to the remaining partners. This is because the Joint Life Policy covers all the partners equally, and the policy value is paid out irrespective of which partner passes away.
Surrender Value for All the Partners
As mentioned earlier, surrender value is not applicable in the case of a Joint Life Policy taken by a partnership firm. The policy covers all the partners equally, and the premium is paid jointly by all the partners. Therefore, surrendering the policy before its maturity is not possible.
Conclusion
In the event of the death of a partner, the insurance company pays out the policy value to the remaining partners under a Joint Life Policy taken jointly for all the partners. Surrender value is not applicable in such policies, and the policy value is paid out irrespective of which partner passes away.
Joint Life Policy is a type of life insurance policy where multiple individuals are covered under a single policy. In the case of a partnership firm, all the partners can take a Joint Life Policy to cover their lives. The premium for the policy is paid jointly by all the partners.
In the event of the death of a partner, the insurance company pays out the policy value to the remaining partners. The policy value is the sum assured under the policy, which is paid out in case of the death of any of the covered individuals.
Surrender Value and Joint Life Policy
Surrender value is the amount that an insurance company pays to the policyholder in case they wish to terminate the policy before its maturity. However, in the case of a Joint Life Policy, surrender value is not applicable as the policy covers multiple individuals.
Policy Value for the Dead Partner
In the case of the death of a partner, the insurance company pays out the policy value to the remaining partners. This is because the Joint Life Policy covers all the partners equally, and the policy value is paid out irrespective of which partner passes away.
Surrender Value for All the Partners
As mentioned earlier, surrender value is not applicable in the case of a Joint Life Policy taken by a partnership firm. The policy covers all the partners equally, and the premium is paid jointly by all the partners. Therefore, surrendering the policy before its maturity is not possible.
Conclusion
In the event of the death of a partner, the insurance company pays out the policy value to the remaining partners under a Joint Life Policy taken jointly for all the partners. Surrender value is not applicable in such policies, and the policy value is paid out irrespective of which partner passes away.
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At the time of death of a partner firm gets________ from the insurance company of the Joint Life Policy taken jointly for all the partners.a)Policy valueb)Surrender valuec)Policy value for the dead partnerd)Surrender value for all the partnersCorrect answer is option 'A'. Can you explain this answer?
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