Question 1: Nancy purchases a joint last to die life insurance policy of $300,000 on herself and her husband, John. In her will, Nancy named her sister Bianca as her beneficiary. John designates his mother Tara to be his beneficiary. A few years later, Nancy and John die in a car accident and medical evidence concludes that Nancy died first.

Who will receive the $300,000 payout from the policy?

a) Nancys estate

b) Johns estate

c) Bianca

d) Tara

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Question 2: After being laid off at a downsizing company, Joe is having financial difficulty. He reckons that once he gets a job, he will be able to reinstate his policy and pay his outstanding premiums. He received a letter from the insurer stating that his policy has lapsed due to non-payment of premium. Three months later at a new job, Joe applies to the insurer for a reinstatement of his policy. He answers all the questions honestly in the reinstatement application. What is a possible reason for the insurer to decline the reinstate of Joes policy?

a) Joe did not apply within the stipulated two years of the policy having lapsed

b) Reinstatement is at the insurers discretion and the insurer does not need to provide any reason for the decline

c) The insurer determined the Joe does not meet the insurability conditions of the lapsed contract

d) The policy did not contain a reinstatement clause

Please provide correct answers with the actual reasons.