Nancy owns a universal life insurance policy with a face value of $$500,000.$ When she purchased the policy she chose "Option B$"$ as the death benefit. Assuming the policy has a cash value of $$83,000,$ how much will her beneficiary receive if Nancy dies today?

Group of answer choices

$$417,000$

$$500,000$

$$583,000$

$$666,000$

Lance owns an ice cream shop with his brother$-$in$-$law. The business is currently valued at $$600,000.$ Lance's basis in the business is $$145,000.$ Lance and his brother$-$in$-$law entered into a buy$-$sell agreement using life insurance $($based on the value of the business$)$ and a separate buy$-$sell agreement using disability insurance $($also based on the value of the business$).$ Assuming Lance dies and the buy$-$sell agreement is put into place, how much the buyout received by Lance's estate will be taxable?

Group of answer choices

$50$

$$145,000$

$$455,000$

$$600,000$

Mathew is $69$ years old. He purchased a fixed annuity for $$150,000.$ Based on a monthly benefit of $$900,$ he expects to receive $$217,500$ over the remainder of his life. What portion of the $$900$ payment will be taxable to Mathew $($round the answer$)?$

Group of answer choices

$$9900$

$5780$

$$427$

$$279$

A married couple purchased a new home several years ago and insured it for $$320,000.$ The replacement cost for this home is now $$490,000$ and the homeowners' policy was never adjusted. If there is $$100,000$ of damage due to a grease fire in the kitchen, how much additional insurance would be needed to fully cover the loss minus the $$3,000$ deductible?