Gavin and Guinevere have purchased a life policy together covering both their lives. Gavin dies and the policy pays nothing. Later on, Guinevere dies and the policy death benefit is paid to the beneficiary. This is called a

A joint life policy typically pays a death benefit upon the death of the first insured individual. In this case, since Gavin's death resulted in no payout, it indicates that the policy is not a standard joint life policy but rather a survivorship policy, which only pays after both individuals have died.

A limited pay life policy refers to a type of whole life insurance where premiums are paid for a limited time, after which the policy remains in force for the insured's lifetime. This choice does not relate to the sequence of deaths or the payout conditions described in the scenario.

A convertible term policy allows the policyholder to convert a term life insurance policy into a permanent life policy within a certain timeframe without undergoing additional medical underwriting. This choice is irrelevant to the situation, as it does not pertain to the payment of benefits related to the deaths of the insured.