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Which of the following is a disadvantage of a current-assumption whole life policy?

Policies that fail the thirteen-pay test will be treated as modified endowment contracts (MECs).

Planners should consider how to create a “paper trail” of evidence in case there is ever a dispute about the policy.

Key employee insurance is based on the premise that the cost of replacing a key employee is generally minimal and the full value of the individual to the organization can be recouped through other employees life insurance.

Term policies can generally provide the lifetime guarantees of a No-Lapse Universal Life (NLUL) product.

What is includible in the deceased owner’s estate when there is an insurance policy on the life of another person?

One of the disadvantages of level-premium whole life insurance is that the premiums may be unaffordable for persons of limited financial resources.

First-year commission on NLUL policies, as a percentage of target premium, can be as high as:

Which of the following is not a standard provision in a typical cash value life insurance policy?

The income replacement method of estimating the amount of a family’s insurance needs is