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Which of the following statements regarding cash value life insurance products is NOT correct? A) A MEC is not a life insurance contract. B) Income

Which of the following statements regarding cash value life insurance products is NOT correct? A) A MEC is not a life insurance contract. B) Income earned on funds invested in cash value insurance accumulates on a tax-deferred basis. C) Insurance products are a type of tax shelter. D) Proceeds payable before death of the insured are taxable if they exceed the policyowner's cost basis.

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