UNLESS AN EXCEPTION APPLIES, LIFE INSURANCE PROCEE...

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California Life Accident And Health Insurance State Exam Questions And Answers

Question Number 71

UNLESS AN EXCEPTION APPLIES, LIFE INSURANCE PROCEEDS ARE INCOME TAXABLE IN WHICH OF THE FOLLOWING CIRCUMSTANCES?AWHEN A TRANSFER OF OWNERSHIP TAKES PLACE WHILE THE INSURED WAS ALIVEBIF A TRANSFER OF OWNERSHIP OCCURS AFTER THE INSURED DIESCWHEN A POLICY IS USED FOR COLLATERAL FOR A BANK LOANDWHEN THERE IS A CHANGE OF BENEFICIARY FROM A NON-POLICYOWNER TO THE POLICYOWNER

AWHEN A TRANSFER OF OWNERSHIP TAKES PLACE WHILE THE INSURED WAS ALIVE

✔ Correct Answer:

AWHEN A TRANSFER OF OWNERSHIP TAKES PLACE WHILE THE INSURED WAS ALIVE

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