Ricky obtains an insurance policy from Security Insurance, Inc. The policy provides that on Ricky’s death...

Ricky obtains an insurance policy from Security Insurance, Inc. The policy provides that on Ricky’s death Security will pay $500,000 to Tori, Ricky’s spouse and beneficiary. This is

	a.	?disability insurance.
	b.	?life insurance.
	c.	?health insurance.
	d.	?key-person insurance.

Expert Solution

The Answer is “B. Life Insurance”

- This the case of Life Insurance.

- Life Insurance is an agreement between the Policy owner and the Insurer, where a insurer agrees to pay a sum of money on the death of the insured persons to the beneficiaries.

- Life Insurance provides financial support to the family of the Insured person upon his death.

- Under Life Insurance, It protects the peoples who depends on the insured person

- Ricky obtains a Life insurance policy from Security Insurance, Inc. on the basis that on Ricky’s death, Security insurance Co. will pay $500,000 to Tori, Ricky’s spouse and beneficiary.

ekkarill92 answered 3 years ago

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