A Modified Endowment Contract (MEC) is best described as

Insurance

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A Modified Endowment Contract (MEC) is best described as

Options

a) A life insurance contract which accumulates cash values higher than the IRS will allow
b) An annuity contract which was converted from a life insurance contract
c) A modified life contract which enjoys all the tax advantages of whole life insurance
d) A life insurance contract where all withdrawals prior to age 65 are subject to a 10% penalty

Answer: a) A life insurance contract which accumulates cash values higher than the IRS will allow

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