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Pearl Corporation insures the life of its president for P4,000,000, the corporation being the beneficiary of an ordinary life policy. The monthly premium is P6,000 payable every first day of the month.
The policy is dated January 1, 2014, and carries the following cash surrender values:
End of Policy Year Cash Surrender Value
2014 -
2015 -
2016 25,200
2017 30,000
2018 39,600
2019 50,400
Problem 1: The corporation follows the calendar year as its fiscal period. The president dies on October 31, 2019 and the policy is collected on December 1, 2019. What is the gain on life insurance settlement?
a. 3,913,600
b. 3,951,400
c. 3,939,400
d. 4,000,000
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