An insured decides to surrender his $100,000 Whole Life policy. The premiums paid into the policy added up to $15,000. At policy surrender, the cash surrender value was $18,000. What part of the surrender value would be income taxable?

Insurance

Are you looking for the correct answer to the question “An insured decides to surrender his $100,000 Whole Life policy. The premiums paid into the policy added up to $15,000. At policy surrender, the cash surrender value was $18,000. What part of the surrender value would be income taxable?”? If that’s the case, you don’t have to worry anymore. AzAnswer team is here with the right answer to your question. Please check below to know the answer.

An insured decides to surrender his $100,000 Whole Life policy. The premiums paid into the policy added up to $15,000. At policy surrender, the cash surrender value was $18,000. What part of the surrender value would be income taxable?

Options

A. $50,000
B. $18,000
C. $15,000
D. $3,000

Answer: D. $3,000 (18k-15k)

The above question An insured decides to surrender his $100,000 Whole Life policy. The premiums paid into the policy added up to $15,000. At policy surrender, the cash surrender value was $18,000. What part of the surrender value would be income taxable?, Was part of Insurance MCQs & Answers. I hope you got the correct answer to your question. Have a great time ahead.