Question

John purchases a life insurance policy on his wife Betty where he pays the premium and he will receive the life insurance money when she dies. John is both the ________ and the ________ who will receive the ________ upon the death of Betty, the ________.

Answer 1

Answer:

Policy owner

Beneficiary

Face amount

Insured

Explanation:

John is both the “Policy owner” and the “Beneficiary” who will receive the “ Face amount” upon the death of Betty, the “Insured”.

The term policy owner is used to refer to a person who buys and pays the premium. At the same time, a beneficiary is a person who receives the face amount that was on the name of the insured (Betty).

It is given that John has bought the policy and paying the premium so he is the owner. Moreover, he is the beneficiary because he is getting the insurance amount after the death of betty who is insured.