Question

Jack receives a life estate in a property, for the life of Larry. When Larry dies, the property passes to Mary, rather than to the grantor or the grantor's heirs. This is a:

Answer 1

JOINT LIFE POLICY

Step-by-step explanation:

When Larry dies, the property passes to Mary, rather than to the grantor or the grantor's heirs. This is a case of first-to-die joint life policy that pays to the surviving partner upon the death of the first.

It is assumed in the scenario that Mary must have been the wife of Larry, and the First-to-die Joint life policy holds that the estate of the partner that dies first should pass on the surviving partner.