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Community Property > LIFE INSURANCE > Flashcards

LIFE INSURANCE Flashcards

1
Q

Life Insurance Checklist

A
  • Whole Life
  • Term Life
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2
Q

Whole Life

A

Whole life insurance is an insurance policy with an investment component and cash surrender value. A whole life insurance policy can be CP, SP, or commingled. Upon divorce or death, courts will allocate a commingled policy based on how many CP and SP funds were used to pay for the insurance premiums.

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3
Q

Term Life

A

Upon death, courts will characterize an entire life insurance policy based on whether CP or SP funds were used to pay for the final insurance premium

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Community Property (18 decks)

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