Estelle, who owns and operates a commercial dairy farm, obtains a policy from Farm & Ranch Insurance Company, which agrees to pay $500,000 to Gabe, Estelle's son and beneficiary, on her death. This is

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The policy obtained by Estelle from Farm & Ranch Insurance Company agrees to pay a sum of $500,000 to her son and beneficiary Gabe, on her death. This type of policy is called life insurance, which provides a death benefit to the designated beneficiary upon the death of the insured.

Estelle, Who Owns and Operates a Commercial Dairy Farm, Obtains