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Lance owns a cash value life insurance policy with a face value of $600,000 and a terminal reserve (cash value) of $80,000. Since the policy

Lance owns a cash value life insurance policy with a face value of $600,000 and a terminal reserve (cash value) of $80,000. Since the policy was issued, Lance has paid $120,000 in premiums. What is the approximate value of the gift if Lance gifts the policy to his niece?

a.$0

b.$80,000

c.$120,000

d.$600,000

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