Saurav is the sole proprietor of a firm and his business is doing well. He has obtain several loans and is unable to repay his creditors. He owns a life insurance policy with a cash surrender value of 120,000 with no named beneficiaries. He names his son as the revocable beneficiary of the policy before declaring bankruptcy in an attempt to hinder creditors. Which of the following is true with regards to this situation?

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15-06-2024
Business

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Saurav is the sole proprietor of a firm and his business is doing well. He has obtain several loans and is unable to repay his creditors. He owns a life insurance policy with a cash surrender value of 120,000 with no named beneficiaries. He names his son as the revocable beneficiary of the policy before declaring bankruptcy in an attempt to hinder creditors. Which of the following is true with regards to this situation?

Sagot :

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