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Question 1 of 5
1. Question
Life insurance policy loans are generally ________.
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Question 2 of 5
2. Question
Bob has owned his participating life insurance policy for many years and receives substantial policy dividends each year that he takes in cash. What tax treatment would be given to the dividend he receives this year, if his total policy premiums were $10,000 and his total dividends were $12,000?
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Question 3 of 5
3. Question
Under the HIPAA definition, a terminally-ill individual is a person who has been certified as having an illness or condition that can be expected to result in his or her death within ____ months following certification.
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Question 4 of 5
4. Question
Aaron has been certified as terminally ill and has received a viatical settlement of $100,000. If he had a total cost basis of $25,000 and the policy had a cash surrender value of $35,000 at the time of settlement, how much of the settlement must he include in his income for tax purposes?
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Question 5 of 5
5. Question
Edgar has received a life settlement of $100,000. If he had paid total net premiums of $30,000 and the policy had a cash surrender value of $35,000 at the time of settlement, how much of the settlement qualifies for capital gains tax treatment?
