Designated the revocable beneficiary

Assignment Help Financial Management

Reference no: EM13930175

John purchases a life insurance policy on the life of Mary. John is the owner, and Bill is designated the revocable beneficiary. Under these circumstances, which of the following statements is correct?

I John is deemed to have made a gift to Bill each time he pays a premium.

II When Mary dies, John is deemed to have made a gift to Bill equal to the policy proceeds.

I only

II only

Both I and II

Neither I nor II

Reference no: EM13930175

Questions Cloud

List all the employees in the emp table : Change your answer from above to list those employees with the bottom 4 credit limits.

Concerning valuation of life insurance policies-federal tax : Which of the following statements concerning the valuation of life insurance policies for federal gift tax purposes is (are) correct?

Concerning use of funded irrevocable life insurance trust : All the following statements concerning the use of a funded irrevocable life insurance trust are correct EXCEPT:

Policys gift tax value-determined by government rules : Some years ago, Y purchased a $100,000 universal life policy on his own life. Two years ago, he sold the policy to his cousin for the policy’s gift tax value of $40,000 as determined by government rules.

Designated the revocable beneficiary : John purchases a life insurance policy on the life of Mary. John is the owner, and Bill is designated the revocable beneficiary. Under these circumstances, which of the following statements is correct?

Analyzing the characteristics of alearning organization : Instructions: Prepare a 1,050- to 1,400-word paper analyzing the characteristics of alearning organization and its applications in a global environment. Outline Senge's five disciplines and their applications

Discuss the central finding of the article : Evaluate the content of the article in terms of is importance to tests and measurements. Discuss how the article supplements and extends the material in the text. Be specific in your examples.

Gross estate for federal estate tax purposes : Assets transferred to which of the following trusts will be included at the time of the grantor’s death in the grantor’s gross estate for federal estate tax purposes?

Depression among middle aged women in the uk : A patchwork text, which should not exceed 3000 words in length IN TOTAL. The patchwork text will consist of up to 3 different pieces of work, the details of which will be discussed in class and posted on the VLE.

User Account

All Pages