Gary Cashed in an Insurance Policy on His Life

question 19

True/False

Gary cashed in an insurance policy on his life.He needed the funds to pay for his terminally ill wife's medical expenses.He had paid $12,000 in premiums and he collected $30,000 from the insurance company.Gary is not required to include the gain of $18,000 ($30,000 - $12,000) in gross income.

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Definitions:

First- And Middle-Level Managers

Managers who oversee the day-to-day operations and are responsible for executing the policies and plans developed by upper management.

Transformational Leadership

A leadership style that inspires and motivates followers to achieve exceptional outcomes and develop their own leadership capacity.

Inspirational Motivation

A leadership approach where leaders inspire and motivate followers to achieve higher levels of performance through a compelling vision of the future.

Intellectual Stimulation

The process of encouraging individuals to think critically and creatively, challenging existing assumptions and fostering innovation.