Question
Anilwants to make an absolute assignment of his whole life insurance policy to the UHN group of hospitals in Toronto. The policy hasa face value
Anilwants to make an absolute assignment of his whole life insurance policy to the UHN group of hospitals in Toronto. The policy hasa face value (death benefit) of $100,000 and a current cash surrender value of $48,000. If he does so, which of the following is true?
| a. | The charity will make future premium payments, but Anilwill be able to claim the charitable donation. | |
| b. | Until he dies,he can change the beneficiary designation on the policy,should he change his mind. | |
| c. | Anilwill receive a charitable donation tax credit in the year he makes the designation. | |
| d. | The donation will be valued at $100,000. |
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Essentials of Business Law
Authors: Anthony Liuzzo
9th edition
978-0078023194
