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  • CSV 20x5 40,000 CSV 20x4 28,000 12,000 3/12 Add back:CSV x4 28,000 Adjust. CSV

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    Rowella Mae Villena
    8 views2 pages
    This document records an insurance transaction where a policyholder surrendered a $1 million life insurance policy after 3 months. The cash surrender value of the policy was $31,000, with $15,000 attributed to the life insurance expense. The policyholder realized a gain of $954,000 from surrendering the policy after a short time.

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    This document records an insurance transaction where a policyholder surrendered a $1 million life insurance policy after 3 months. The cash surrender value of the policy was $31,000, with $15,000 attributed to the life insurance expense. The policyholder realized a gain of $954,000 from surrendering the policy after a short time.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    8 views2 pages

    CSV 20x5 40,000 CSV 20x4 28,000 12,000 3/12 Add back:CSV x4 28,000 Adjust. CSV

    Uploaded by

    Rowella Mae Villena
    This document records an insurance transaction where a policyholder surrendered a $1 million life insurance policy after 3 months. The cash surrender value of the policy was $31,000, with $15,000 attributed to the life insurance expense. The policyholder realized a gain of $954,000 from surrendering the policy after a short time.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 2

    CSV 20x5 40,000

    CSV 20x4 28,000


    12,000
    X: months used 3/12
    3,000
    add back:CSV x4 28,000
    adjust. CSV 31,000
    Unexpired portion
    Annual Premium 20,000
    Months not used 9/12
    Life ins. Exp. 15,000

    Entry to record: 1.0


    Cash 1,000,000
    CSV 31,000
    LIE 15,000
    Gain 954,000

    Reimbursed:
    Cash 1,015,000
    CSV 31,000
    LIE 15,000
    Gain 969,000

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