According to your textbook and judicial decisions such as Treganowan, which of the following factors is indispensable for differentiating life insurance arrangements under section $2042$ from other arrangements providing for payments to beneficiaries upon the decedent's death?

Group of answer choices

the existence of a contract and the requirement that the purchaser pay annual premiums in exchange for a future flow of funds

the arrangement must be designated in the contract as "life insurance" and the issuer of the contract must be a regulated insurance company

the existence of risk shifting and risk distribution

all of the foregoing are indispensable factors

none of the foregoing factors are indispensable factors.

Question $16$

Which of the following factors is not relevant to the analysis of whether the value of proceeds of a life insurance policy is includible in a decedent's gross estate under section $2042?$

Group of answer choices

At his death, the decedent had the right to assign the policy.

At his death, the decedent was responsible for paying the premiums.

At his death, the decedent could borrow against the policy.

All of the foregoing factors are relevant.

None of the foregoing factors are relevant.