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Posted on Aug 08, 2024

Harry, an insurance representative from Main Life Insurance Company sold Janet an exempt whole life policy with annual premium of $ 5 , 0 0

Harry, an insurance representative from Main Life Insurance Company sold Janet an exempt whole life policy with annual premium of $

5, 000 .

The net cost of pure insurance was $

1, 300 .

She needed some money to pay down on a car money and so she got a loan of $

1, 000

from the insurance company at a low rate of

2 % .

She had also collected a dividend of $

200 .

What is the ACB of the policy?

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