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16 March, 14:24

Marilyn Simms died with a $200,000 life insurance policy. Her husband, Jack, was the primary beneficiary and their children, Mimi (age 24) and Ann (age 30), were the contingent beneficiaries. All three survived Marilyn. How would the policy proceeds be distributed?

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  1. 16 March, 15:58
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    a) $200,000 to Jack

    Explanation:

    Data provided in the question

    Life insurance policy amount of Marilyn Simms = $200,000

    The primary beneficiary = Jack

    The contingent beneficiaries = Their children

    Now, the distribution of the policy could be taken by only Jack as he is her husband plus he is also a primary benefit of her life insurance policy,

    So, the whole amount i. e $200,000 is distributed to Jack
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