Question

29 steven was the policyholder and the life insured of a $500,000 life insurance policy in which he had named his spouse ella as the beneficiary. steven had not named a contingent beneficiary to the policy. unfortunately, steven and ella die in an accident. which of the following will the claims examiner need to process the death benefit payment?
a. the name of the subrogated beneficiary
b. a list of stevens creditors
c. a copy of stevens probated will
d. the name of the subrogated policyholder

Explanation:

In life insurance, when the primary beneficiary (Ella) and the policyholder (Steven) die simultaneously, and there's no contingent beneficiary named, the death benefit is paid according to the policyholder's probated will (since without a contingent beneficiary, the benefit becomes part of the policyholder's estate). Option a is incorrect as there's no subrogated beneficiary here. Option b is irrelevant (creditors list isn't needed for benefit payment in this context). Option d is incorrect as subrogated policyholder isn't applicable here. So a copy of Steven's probated will is needed.

Answer:

c. A copy of Steven's probated will