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Questions and Answers
What is Carole's monthly premium for the whole life policy?
What is Carole's monthly premium for the whole life policy?
- $300
- $200 (correct)
- $150
- $250
What is the cash value surrender (CSV) of Carole's policy?
What is the cash value surrender (CSV) of Carole's policy?
- $40,000 (correct)
- $20,000
- $50,000
- $30,000
At what percentage does Carole receive a federal tax credit for charitable donations on the first $200?
At what percentage does Carole receive a federal tax credit for charitable donations on the first $200?
- 10%
- 15% (correct)
- 25%
- 20%
What is Carole's adjusted cost base (ACB) of the whole life policy?
What is Carole's adjusted cost base (ACB) of the whole life policy?
After assigning the policy to the organization, who becomes the owner and beneficiary of the policy?
After assigning the policy to the organization, who becomes the owner and beneficiary of the policy?
What is the federal tax credit percentage Carole receives for charitable donations on the remaining amount after $200?
What is the federal tax credit percentage Carole receives for charitable donations on the remaining amount after $200?
What is Carole's monthly premium payment for the whole life policy?
What is Carole's monthly premium payment for the whole life policy?
If Carole's annual net income were to change to $80,000, how would this impact her charitable donation tax credit?
If Carole's annual net income were to change to $80,000, how would this impact her charitable donation tax credit?
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