Yen has a universal life (UL) policy with a $500,000 level death benefit and a $58,000 cash surrender value Her husband Xuan is a beneficiary Yen is remodeling her kitchen and decides to pledge her policy as collateral for a $40,000 loan from her local credit union The interest rate on the loan is 35 Assuming Yen does not make any principal or interest payments, if Yen dies exactly 1 year after taking the loan, how much will Xuan receive?

Answer rating: 100% (QA)

Xuan Nominee will receive 458600 in the even of death of her wife since the loan amount due to bank ... View the full answer