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Simple English definitions for legal terms

survivorship policy

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A quick definition of survivorship policy:

A survivorship policy is a type of insurance policy that pays out after all the people insured have died. It's like a joint life policy, but instead of paying out when one person dies, it pays out when everyone has died. Insurance policies are contracts that protect you from financial loss if something bad happens, like a car accident or a fire. There are many different types of insurance policies, each with their own rules and coverage. Insurance companies use a process called rating to determine how much you should pay for your policy, and the amount you pay is called the premium.

A more thorough explanation:

A survivorship policy is a type of insurance policy that is payable only after all the insured individuals have died. It is also known as a joint life policy. This policy is commonly used by couples to ensure that their beneficiaries receive the death benefit only after both of them have passed away.

For example, John and Jane purchase a survivorship policy. The policy will pay out only after both John and Jane have died. If John dies first, the policy will not pay out until Jane also passes away.

Survivorship policies are often used in estate planning to provide funds for estate taxes or to leave a legacy for beneficiaries. They can also be less expensive than individual life insurance policies because the risk is spread over multiple individuals.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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