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14 March, 10:15

Which of these statements describe a modified endowment contract (mec) ?

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  1. 14 March, 10:30
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    The statement which describes a modified endowment contract is this: 'Exceed the maximum amount of premium that can be paid into a policy and still have it recognized as a life insurance contract.

    A modified endowment contract is a type of life insurance contract which has been funded with more money than allowed. Such a life insurance will no longer be regarded as life insurance by IRS, it will be considered as a modified endowment contract.
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