Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2022, lacquefymne secures a 10-year

On January 1, 2022, lacquefymne secures a 10-year term life insurance pollcy providing 5500.000 in...

80.2K

Verified Solution

Question

Accounting

image
image
On January 1, 2022, lacquefymne secures a 10-year term life insurance pollcy providing 5500.000 in benefit to her four (4) children. She dies on March 3. 2033. How much of the $500,000 is distributed to each child? Nothing, because her death occurred after the policy expired Nothing. because term policies require a trust for beneficiaries under 18 \$106.250 per chilid, hecause there is a 15\% reduction in benefits for every year outside the term that death occurs, and they are class beneficlaries, so the remaining proceeds must be distributed evenly $125,000 per child, because they are class beneficiaries, so the proceeds must be distributed evenly On January 1, 2022, Jacquelynne secures a 10-year term life insurance policy providing $500.000 in benefit to her four (4) children. What is the current value of the policy? $500,000, less taxes, fees, and projected funeral expenses 50, because a term policy does not mature until minor beneficiaries reach the age of majority $500,000 so, because a term policy has no value until the policyholder dies

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

From the data collected below, show how you have followed all 14 of the steps on...

Basic Math
Q

) A 1200 mm deep by 750 mm wide post-tensioned simply supported beam is shown below....

Civil Engineering
Q

Fit & Slim (F&S) is a health club that offers members various gym services. Required: 1. Assume...

Accounting
Q

Four very large metal plates are given the charges as shown in the figure The...

Physics
Q

3 In a cylindrical region uniform magnetic field which is perpendicular to the plane of...

Physics
Q

Mike is designing two sails for Jacob Help him determine the range of possible lengths...

Geometry
Q

Write the following sum as a single logarithm. Assume all variables are positive.log3(c) + log3(c...

Basic Math
Q

Write your answers in scientific notation. Each day we purchase 67,000,000 ice cream cones. How...

Calculus
Q

graph of y f x Organize your conclusions in a table and sketch a possible...

Calculus
Q

Part A The general ledger trial balance of Paradiso Ltd, a medical manufacturing and research...

Accounting
Q

Sanchez & Ryan, Inc, sells a single product. This year, 20,000 units were sold resulting...

Accounting
Q

Old Economy Traders opened an account to short sell 1000 shares of Internet Dreams at...

Finance