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Ashley owns a whole-life insurance policy worth $25,000 that directs the insurance company to pay the beneficiary $500,000 on her death. Ashley pays the annual policy premiums and has the power to designate the beneficiary of the policy. What value of the policy, if any, would be included in Ashley's estate upon her death?
Perfect Fit
A situation where a model, equation, or line precisely describes or predicts the observed data without any errors.
Chi-square Test
A statistical test used to determine if there is a significant difference between observed and expected frequencies in one or more categories.
Nominal Variables
Variables that represent categories with no inherent order or ranking among them.
Chi-square Test of Independence
A statistical test used to determine if there is a significant association between two categorical variables.
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