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You have a participating whole life insurance policy with a face value of $250,000, a cash value of $50,000, accumulated dividends of $10,000, and a

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You have a participating whole life insurance policy with a face value of $250,000, a cash value of $50,000, accumulated dividends of $10,000, and a minimum guaranteed interest rate of 3 percent on your dividend accumulations. At the end of this year, you will receive $300 of interest on your accumulated dividends as well as your next dividend of $1,000. Which of the following statements regarding this policy is (are) true? (Check all that apply.) If you decide to surrender the policy today for its cash value, you will receive $60,000. On this year's taxes, you will need to report the $1,000 dividend as taxable income. On this year's taxes you will need to report the $300 interest on your accumulated dividends as taxable income. If you die today, your beneficiary will receive $310,000

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