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09-04-2020
Business

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Bob Shockey borrowed $25,000 from his $250,000 cash value life insurance policy to send his daughter to private college. Assuming he pays interest as in accrues, if Bob dies before the debt is repaid his beneﬁciary will receivea. $275,000.b. Taxable income.c. $250,000.d. S 25,000.e. $225,000.

Respuesta :

11-04-2020

Answer:

e. $225,000.

Explanation:

Since Bob Shockey pays interest as in accrues, the amount the beneﬁciary will receive if he dies before the debt is repaid will be the cash value of his life insurance policy minus amount borrowed to send his daughter to private college. This can be calculated as follows:

Amount to receive by beneficiary = $250,000 - $25,000 = $225,000

Therefore, his beneﬁciary will receive $225,000.

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