John and Marsha, a married couple, won $500,000 in a provincial lottery. They decided to invest...

 

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John and Marsha, a married couple, won $500,000 in a provincial lottery. They decided to invest the money in an annuity and accelerate their retirement date. The annuity that they chose, in January of 2016, was a joint and last survivor life annuity with a 10-year guarantee period. Their son, Boris, was the beneficiary under the guarantee. John dies in 2021 and Marsha dies seven years later. Boris dies in an automobile accident the year before Marsha died. Who would be the claimant under the contract at the time of Marsha's death? John and Marsha, a married couple, won $500,000 in a provincial lottery. They decided to invest the money in an annuity and accelerate their retirement date. The annuity that they chose, in January of 2016, was a joint and last survivor life annuity with a 10-year guarantee period. Their son, Boris, was the beneficiary under the guarantee. John dies in 2021 and Marsha dies seven years later. Boris dies in an automobile accident the year before Marsha died. Who would be the claimant under the contract at the time of Marsha's death?

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In the scenario described John and Marsha purchased a joint and last survivor life annuity with a 10... View the full answer