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XI. Survivor Whole Life Policies
A. Domingos Survivor Whole Life Policy
On December 10, 2001, STEP assigned the ownership of the
Domingos survivor whole life policy to Dr. Domingo. As of
December 28, 2001, the Domingos survivor whole life policy had a
total death benefit of $596,009.81, less an outstanding policy
loan of $220,206.85, for a net death benefit of $375,802.96. As
of the same date, the Domingos survivor whole life policy had a
cash surrender value of $224,475.17, less the outstanding policy
loan of $220,206.85, for a net cash surrender value of $4,268.32.
As of November 2006, the Domingos survivor whole life policy had
a cash value base of $277,316.37, a cash value of additional
insurance of $21,380.58, an existing loan of $279,056.26, and
loan interest due of $13,793.75, for a net cash surrender value
of $5,846.94. From December 28, 1993, through the present, the
Domingos received life insurance coverage of between $511,542 and
$3,500,000 through the Domingos survivor whole life policy.
B. DeAngelises Survivor Whole Life Policy
On July 28, 2003, STEP assigned the ownership of the
DeAngelises survivor whole life policy to the DeAngelises. No
severance event had occurred under the STEP plan to permit this
assignment. In connection with the assignment, Dr. DeAngelis
also executed a claim settlement and release form backdated to
January 3, 2003.
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