The Changing of a Life Insurance Policy Beneficiary from a Spouse

question 83

True/False

The changing of a life insurance policy beneficiary from a spouse to an adult daughter constitutes a gift for transfer tax purposes.

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Definitions:

Physical Capital

The tangible assets that a company uses in the production of goods or services, such as machinery, buildings, and vehicles.

Union Labor

Union labor consists of workers who are members of a labor union, which negotiates wages, work conditions, and benefits on their behalf.

Average Wages

The mean income calculated by dividing the total wage pool by the number of wage earners, used as an indicator of economic health and labor market conditions.

Profit Levels

Indicates the ranges of profit a business can generate, reflecting its financial health and operational success.