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Walter owns a whole-life insurance policy worth $55,000 that directs the insurance company to pay the beneficiary $323,000 on Walters death. Walter pays the annual

Walter owns a whole-life insurance policy worth $55,000 that directs the insurance company to pay the beneficiary $323,000 on Walters death. Walter pays the annual premiums and has the power to designate the beneficiary of the policy (it is currently his son, James).

What value of the policy, if any, will be included in Walters estate upon his death?
Value of policy

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