Final answer:
All of these are common personal uses of life insurance EXCEPT: buy-sell agreement.
The answer is option ⇒C
Step-by-step explanation:
Life insurance is a type of insurance that provides financial protection for the family or beneficiaries of the insured individual in the event of their death. It is commonly used to replace the lost income of the insured and cover expenses such as funeral costs and outstanding debts. However, a buy-sell agreement is not a personal use of life insurance.
A buy-sell agreement is a legal contract between business owners that determines what will happen to the business in the event of the death or departure of one of the owners. It is designed to ensure a smooth transition and continuity of the business. Although life insurance can be used as a funding mechanism for a buy-sell agreement, it is not a personal use of life insurance.
The answer is option ⇒C
Your question is incomplete, but most probably the full question was:
All of the following are personal uses of life insurance EXCEPT
A. Estate Creation
B. Cash Accumulation
C. Buy-Sell agreement
D. Survivor Protection