Rachel owns an insurance policy on the life of Albert with Belle as the designated beneficiary. Upon Rachel's death, nothing regarding this policy is included in her gross estate.

Question

Quizplus · Accepted Answer

The ownership of an insurance policy on someone else's life (in this case, Albert's life) by Rachel means that upon Rachel's death, the value of the policy is included in her gross estate, not the fact of who the beneficiary is (Belle in this case).

Rachel Owns an Insurance Policy on the Life of Albert