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Health and Life Practice Questions
?
If an insured surrenders his life insurance policy, which statement is true regarding the cash value of the policy?
it is only taxable if the cash value exceeds the amount paid for premiums
it is not considered taxable
it is taxable only if it exceeds the amounts paid for premiums by 50%
it is automatically taxable
Show Result
Correct
- Your answer is correct.
Wrong
- Your answer is wrong.
Detailed Answer
Correct answer: (A)
it is only taxable if the cash value exceeds the amount paid for premiums
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A type of short term insurance is
