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25 January, 15:51

An insurance policy written after 1988 that fails to pass the seven-pay test is known as

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  1. 25 January, 16:04
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    The answer to this question is a modified endowment contract. A modified endowment contract or MEC is a type of life insurance policy where in the policy / insurance is being funded with more money or the insurance premium payment exceeds the amount allowed under the federal law. The modified endowment contracts are taxable.
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