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Scott owns a $200,000 whole life policy. His spouse, Charlene is sole beneficiary. The cash value of the policy is $50,000, and Scott has an outstanding policy loan of $20,000. Scott died in a car accident. What is the life insurance death benefit payable to Charlene?

Scott owns a $200,000 whole life policy. His spouse, Charlene is sole beneficiary. The cash value of the policy is $50,000, and Scott has an outstanding policy loan of $20,000. Scott died in a car accident. What is the life insurance death benefit payable to Charlene?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Scott owns a $200,000 whole life policy. His spouse, Charlene is sole beneficiary. The cash value of the policy is $50,000, and Scott has an outstanding policy loan of $20,000. Scott died in a car accident. What is the life insurance death benefit payable to Charlene?
Transcribed Image Text:Scott owns a $200,000 whole life policy. His spouse, Charlene is sole beneficiary. The cash value of the policy is $50,000, and Scott has an outstanding policy loan of $20,000. Scott died in a car accident. What is the life insurance death benefit payable to Charlene?
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