Marilyn Simms Died with a $200,000 Life Insurance Policy

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

A) $200,000 to Jack
B) $100,000 each to Mimi and Ann
C) $100,000 to Jack and $50,000 each to Mimi and Ann
D) $66,666 each to Jack, Mimi, and Ann
E) $150,000 to Jack and $25,000 each to Mimi and Ann

Correct Answer:

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