Which of the following accurately describes Joint Survivorship Life insurance?

Joint Survivorship Life insurance is indeed characterized by its function of remaining active until both insureds pass away. This type of policy is specifically designed for two individuals, typically spouses or partners, and it does not provide a death benefit until the second insured dies. This distinction sets it apart from other types of life insurance.

In practical terms, the policy is often used as part of financial planning, particularly for couples or business partners, because it ensures that funds are available to beneficiaries only after both parties have passed. This could be advantageous for estate planning, allowing for potential tax benefits or addressing specific financial concerns after both insured lives have ended.

The other choices describe features that do not align with how Joint Survivorship Life insurance operates. For example, the first option focuses on coverage when either insured dies, which is more characteristic of a Joint Life insurance policy, while the fourth choice suggests a benefit to the first insured's family, which does not apply as there is no payout until the death of the second insured.