Insured died in the current year owning a policy of insurance that would pay Beneficiary $100,000 but under which several alternatives were available to Beneficiary.

(a) What result if Beneficiary simply accepts the $100,000 in cash?

(b) What result in (a), above, if Beneficiary instead leaves all the proceeds with the company and they pay her $6,000 interest in the current year?

(c) What result if Insureds Daughter is Beneficiary of the policy and, in accordance with an option that she elects, the company pays her $12,000 in the current year? Assume that such payments will be made annually for her life and that she has a 25-year life expectancy.

(d) What result in (c), above, if Insureds Daughter lives beyond her 25-year life expectancy and receives $12,000 in the twenty-sixth year?