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08:40 Sep 24, 2013 |
English language (monolingual) [PRO] Bus/Financial - Insurance | |||||||
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| Selected response from: Yvonne Gallagher Ireland Local time: 14:21 | ||||||
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SUMMARY OF ALL EXPLANATIONS PROVIDED | ||||
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4 +2 | use cash value of insurance to make payments |
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use cash value of insurance to make payments Explanation: The text says you can borrow money and use your insurance contract "cash value" as collateral. When you borrow money from the cash value of life insurance, as long as the contract remains in force, there's no tax. You can make payments or pay interest by borrowing using the cash value (of your insurance) as collateral or, if you have enough cash value (remaining or left in your insurance) you can set up the contract to pay its own interest by borrowing from the cash value (if there's enough cash value remaining). Hope this helps -------------------------------------------------- Note added at 1 hr (2013-09-24 10:08:26 GMT) -------------------------------------------------- cash value =surrender value or cashing-in value http://en.wikipedia.org/wiki/Cash_value -------------------------------------------------- Note added at 12 days (2013-10-07 07:48:08 GMT) Post-grading -------------------------------------------------- glad to have helped |
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