Henry owns a variable life insurance policy in which his spouse, Colin, is the primary beneficiary. His children, Jacob and Charlotte, are equal secondary beneficiaries. The American Red Cross and his alma mater are listed as equal tertiary beneficiaries. If both Colin and Jacob predecease Henry, how will the policy's death benefit be distributed at Henry's death?
A) Charlotte will receive 100% of the death benefit.
B) Charlotte will receive 50% of the death benefit, and the American Red Cross and Henry's alma mater will each receive 25% of the death benefit.
C) The American Red Cross, Henry's alma mater, and Charlotte will each receive one-third of the death benefit.
D) The American Red Cross and Henry's alma mater will each receive 50% of the death benefit."
Ans: A) Charlotte will receive 100% of the death benefit.
You might also like to view...
A real estate license is required for all of the following individuals except:
A. An appraiser on salary with a financial institution B. A person showing time share condo units C. And out-of-state auctioneer selling Florida farmland D. A person selling business opportunities
This network has been targeted for the innovative new "Redundancy Elimination" program that offers a compromise between two competing factions
The plan is to remove paths one at a time until all of the nodes are interconnected without any loops in the network while minimizing the sum of all of the path lengths. Which of these paths is part of the new network? A) 3-6 B) 1-3 C) 1-2 D) 2-5