Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

12. A universal life policy with an Option 1 (level) death benefit, has a face amount of $100,000 and a current outstanding loan balance of

image text in transcribed

12. A universal life policy with an Option 1 (level) death benefit, has a face amount of $100,000 and a current outstanding loan balance of $30,000. The policy has a dread disease accelerated death benefit rider. Six months ago, the insured was diagnosed with cancer and the rider paid out a benefit of $50,000. If the insured dies today, what would be the net death benefit proceeds paid to the beneficiary? a. $0 b. $20,000 c. $50,000 d. $70,000 e. $100,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Behavioural Approaches To Corporate Governance

Authors: Cameron Elliott Gordon

1st Edition

1138611395, 978-1138611399

More Books

Students also viewed these Finance questions

Question

a. Describe the encounter. What made it intercultural?

Answered: 1 week ago