A wife owns a $100,000 life insurance policy on her husband’s life. She has named her son the revocable beneficiary.
Which of the following statements concerning the life insurance is (are) correct?
l. At the husband’s death, the interpolated terminal reserve of the policy is a gift to the son.
II. The annual increase in the cash value is a gift to the son.
A . l only
B . II only
C . Both l and II
D . Neither I nor II
Answer: D
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