Mark Anthony insured his life with an insurance company. Under the contract, he will pay a monthly premium of P2,000 for 10 years. In case of death before the 10th year, his beneficiary will receive an indemnification in the amount of P 150,000. If he is still living on the 10th year, he will receive the face value of P 500,000. 1. If Mark Anthony dies on the 5th year, his beneficiary will report an income of a. P 500,000 b. 150,000 c. P 260,000 d. Exempt 2. Suppose Mark Anthony dies on the 5th year and his beneficiary was offered to receive the P 150,000 in lump sum or to receive it at P 20,000 a month for the (10) months and the beneficiary chose the 2nd option, he will report an income of a. P 500,000 b. P 150,000 c. P 50,000 d. Exempt 3. Suppose Mark Anthony survived the policy and was able to receive P 500,000, he will report an income of a. P 500,000 b. P 260,000 c. P 150,000 d. None
Mark Anthony insured his life with an insurance company. Under the contract, he will pay a monthly premium of P2,000 for 10 years. In case of death before the 10th year, his beneficiary will receive an indemnification in the amount of P 150,000. If he is still living on the 10th year, he will receive the face value of P 500,000.
1. If Mark Anthony dies on the 5th year, his beneficiary will report an income of
a. P 500,000
b. 150,000
c. P 260,000
d. Exempt
2. Suppose Mark Anthony dies on the 5th year and his beneficiary was offered to receive the P 150,000 in lump sum or to receive it at P 20,000 a month for the (10) months and the beneficiary chose the 2nd option, he will report an income of
a. P 500,000
b. P 150,000
c. P 50,000
d. Exempt
3. Suppose Mark Anthony survived the policy and was able to receive P 500,000, he will report an income of
a. P 500,000
b. P 260,000
c. P 150,000
d. None
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