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How much will Xuan receive

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Question - Yen has a universal life (UL) policy with a $500,000 level death benefit and a $58,000 cash surrender value. Her husband Xuan is beneficiary. Yen is remodelling her kitchen and decides to pledge her policy as collateral for a $40,000 loan from her local credit union. The interest rate on the loan is 3.5%. Assuming Yen does not make any principal or interest payments, if Yen dies exactly 1 year after taking the loan, how much will Xuan receive?

Reference no: EM133006289

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