What is the approximate value of the gift

Reference no: EM133273710

Question - Lance owns a cash value life insurance policy with a face value of $600,000 and a terminal reserve (cash value) of $80,000. Since the policy was issued, Lance has paid $120,000 in premiums. What is the approximate value of the gift if Lance gifts the policy to his niece?

Reference no: EM133273710

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