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accumulates any extra proceeds in the policy until needed to pay
premiums in a later year.
As of December 28, 1993, MetLife issued the following six
life insurance policies with respect to VRD/RTD’s initial
contribution to the STEP plan:
Insured Policy # Type of Policy Face Value
Dr. DeAngelis 931250799PR Whole life $2,156,442
Both DeAngelises 931250800A Survivor whole life 4,818,200
Dr. Domingo 931250797PR Whole life 1,327,656
Both Domingos 931250798A Survivor whole life 3,500,000
Dr. Durante 931250795PR Whole life 1,804,135
Ms. Quinn 931250796PR Whole life 409,184
Four of these policies were individual whole life insurance
policies separately insuring the lives of Ms. Quinn and each of
the participating doctors. The other two policies were joint and
survivor whole life insurance policies (survivor whole life
policies) or, in other words, life insurance that was not payable
to the beneficiary until the deaths of both insureds. One
survivor whole life policy insured both DeAngelises (DeAngelises
survivor whole life policy), and the other survivor whole life
policy insured both Domingos (Domingos survivor whole life
policy). Neither Jeanette DeAngelis nor Bernadette Domingo was
an employee of VRD/RTD, and the survivor whole life insurance
policies were purchased by Drs. DeAngelis and Domingo as part of
their Federal estate tax plans. On December 28, 1993, Dr.
DeAngelis was 60 years old, Jeanette DeAngelis was 61 years old,
and each of the Domingos was 61 years old. Also on that date,
Dr. Durante was 37 years old, and Ms. Quinn was 38 years old.
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Last modified: March 27, 2008