1.Who are the four parties to a life insurance contract? 2.What are two ways in which...

1.Who are the four parties to a life insurance contract?

2.What are two ways in which a will can be revoked?

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Expert Solution

1. In a life insurance contract the four parties that are involved are the insured , owner, insurance company and the beneficiary . The insured is the person on whose name the insurance is taken. The beneficiary is a person who gets the benefits if the insured dies. The owner is the person who pays for the contract and the insurance company is the company providing the insurance.

2. A will can be revoked in many ways. One way is to rewrite a will stating that we intend to revoke the previous will which would immediately revoke the existing will . The second option is to destroy the will in physical means like burning or tearing which would result in the revocation of the will. A will can also be revoked due to legal reasons by courts.

keosha answered 1 year ago

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