Multiple Choice

1. Life Insurance Proceeds may be subject to
   1. Income Tax
   2. Gift Tax
   3. Estate Tax
   4. All of the above
2. Whole Life Policies typically allow for
   1. Policy Loans
   2. Policy Cancellation receiving the Cash Surrender Value
   3. Face Value received by beneficiary at death
   4. All of the above
   5. Only C
3. A life insurance policy is included in the estate if
   1. The owner of the policy is also the insured
   2. The decedent has incidence of ownership on a policy on someone elses life
   3. The owner/insured policy is gifted within 3 years of death
   4. All of the above
   5. Only A & B