Joint life policy is taken by the firm on the life of

The correct answer is: B. all the partners jointly

A joint life policy is a life insurance policy that covers the lives of two or more people. The policy pays out a death benefit when one or more of the insured people die. The death benefit can be used to pay off debts, provide for the surviving family members, or cover other expenses.

Joint life policies are often used by business partners, spouses, or other close relatives. They can provide peace of mind knowing that your loved ones will be taken care of financially if you die.

Here is a brief explanation of each option:

• Option A: all the partners severally. This means that each partner is individually insured. If one partner dies, the other partners will not receive any money from the policy.
• Option B: all the partners jointly. This means that all the partners are insured together. If one partner dies, the other partners will receive the death benefit.
• Option C: Both A and B. This is not a valid option.
• Option D: None of these. This is the correct answer.

I hope this helps!