For reasons explained in our blog, we have disassociated the 1901 and 1902 Orioles teams from the franchise history of the New York Yankees. The two-year stint in Baltimore is now considered to be that of a separate franchise.
When the one insured in a life insurance policy dies the proceeds go to the named beneficiary. If the beneficiary dies ahead of the insured, the proceeds will still be paid out. The insurance company will determine if there are primary co-beneficiaries named in the policy. If there are, the proceeds will be divided among these co-beneficiaries. When one of the co-beneficiaries dies, the remainder of the proceeds will be paid out to the surviving beneficiaries.
In laymanâs terms, the cash value of the insurance policy dies together with the insured. It will cease to exist as soon as the owner of the plan expires. The main role of an insurance policy is to be able to give a lump sum to the beneficiaries when the insured person dies.