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.
The Death Benefit. When the insured dies, (be it the day after the insurance is activated or at age 120), the insurance company will pay the beneficiary the death benefit only. The insurance company will use any cash-value account to lower the amount it has to pay. The beneficiaries will not get the money in the cash-value account and the death benefit. As an example, say someone buys a $10,000 whole-life policy on his or her life at age 25. If the cash-value account is $8,000 when the person dies, the insurance company will pay the beneficiary $10,000 not $10,000 plus the $8,000 in the cash-value account.