Which insurance term refers to the survival benefit provided when two lives are insured?

The term that most accurately describes the survival benefit provided when two lives are insured is "survivorship." In insurance contexts, survivorship typically refers to scenarios where benefits are contingent upon the continued existence of one or more insured individuals. This concept is often applied in joint life or dual life policies, where payments may be made based on the survival of one insured individual after the death of another.

For instance, in a survivorship life insurance policy, the death benefit is paid out after the second insured life passes away, which is essential in estate planning and financial strategies. This approach is particularly useful for couples or business partners who wish to ensure financial support for the surviving party after the death of the other.

The other terms, though related to life insurance, do not specifically highlight the aspect of providing a benefit based on survival of one individual over another. "Joint Life" refers to policies covering two lives and can provide benefits either upon the death of the first insured or, in specific cases, jointly; "Endowment" refers to policies that pay out after a set period or upon the insured person’s death, but doesn't inherently focus on two lives; and "Term Life" generally covers a specific duration but does not discuss benefits related to the survival of