South Carolina Life Insurance Practice Exam

Who is insured under a juvenile life policy?

1. Parents

2. Minors

3. Guardians

4. Grandparents

The correct answer is: Minors

In a juvenile life policy, the insured individual is the minor child. This type of insurance is designed to provide coverage for children, often with the intent of using it as a financial planning tool for future expenses, such as college tuition, or to secure insurability at a young age. The policy is typically purchased by a parent or guardian on behalf of the child, but the child is the one who is covered under the policy, making them the insured party. This distinguishes juvenile life insurance from other types of policies where adults, such as parents or guardians, are the insured individuals.