Which of the following is one of the key advantages of using life insurance in a qualified plan?

Most group insurance is issued as yearly renewable term insurance.

Which of the following circumstances, if true, would make a nonqualified deferred compensation plan inadvisable?

All of the following are advantages of life insurance except:

No income-tax deduction for premium payments is allowed if the taxpayer is a beneficiary under the policy.

A life insurance policy that has been transferred into an irrevocable life insurance trust can be includable in the grantor’s gross estate if:

Which of the following gifts of less than the client’s entire interest in property would NOT generate an income tax deduction?

Life Settlements are generally entered into to provide for the costs of health care and medical expenses of the insured.

A “viatical settlement” is

An individual owns a life insurance policy with investment in the contract of $35,000 and a cash value of $60,000. He exchanges the policy for a new one that will have a cash value of $55,000 and will also receive $5,000 in cash in the exchange. How much gain will the individual recognize on this transaction?