Joint First To Die (JFTD)
The death benefit is paid on the death of the first life insured to die (in contrast to a Joint Last To Die) policy.
If the policyowners are also the lives insured, the insurance contract may allow the surviving policyowner to buy a new policy for the same amount of coverage without evidence of insurability.
page revision: 4, last edited: 09 Jun 2007 21:09