Which proceeds of a life insurance policy payable to estate

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Problem 1: Proceeds of a life insurance policy payable to the estate's executor, as the estate's representative, are:

Option 1: Always included in the decedent's gross estate.

Option 2: Included in the decedent's gross estate only if the premiums had been paid by the insured.

Option 3: Included in the decedent's gross estate only if the policy was taken out within three years of the insured's death under the "contemplation of death" rule.

Option 4: Never included in the decedent's gross estate.

Reference no: EM132940760

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