A joint life policy provides a death benefit when which of the following occurs?

A joint life policy is designed specifically to provide financial protection in the event of the death of one of the individuals insured by the policy. This type of policy is often taken out by couples, business partners, or others who share an insurable interest. The coverage ends upon the death of the first insured individual, at which point the death benefit is paid out to the designated beneficiaries.

This structure serves practical purposes as it can help cover the financial loss and obligations that may arise from the death of one partner, providing immediate financial assistance. It's important to understand that joint life policies differ from other life insurance arrangements, such as survivorship policies, which pay out only upon the death of the second insured.

The option indicating that it provides a death benefit when both insureds die is misleading, as that reflects more of a feature of a survivorship policy instead. The other options either suggest events or conditions not aligned with how joint life policies are intended to function or specify circumstances that do not apply to the nature of these policies effectively.