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As of various times, the policy’s death benefit and net cash
surrender value were as follows:
As of Death Benefit Net Cash Surrender Value
3/1/1999 $595,195.38 $186,974.68
12/28/1999 4,663,784.34 220,495.10
12/28/2000 678,528.13 236,229.57
12/28/2001 688,464.08 253,038.08
2/5/2003 699,316.63 272,153.06
3/31/2003 669,547.00 274,537.72
12/28/2004 713,391.54 305,930.83
12/28/2005 719,830.71 324,053.39
XII. Dr. Durante Policy
As of March 1, 1999, the cash surrender value of the Dr.
Durante policy was $52,982.52. As of December 31, 2001, the cash
surrender value of the policy was $23,508.43. As of February 25,
2003, the cash surrender value of the Dr. Durante policy was
$21,811.95. As of each of these dates, the death benefit payable
under the policy was $1,864,269.
On July 28, 2003, STEP assigned the ownership of the Dr.
Durante policy to Dr. Durante. No severance event had occurred
under the STEP plan to permit this assignment. In connection
with the assignment, Dr. Durante also executed a claim settlement
and release form backdated to January 3, 2003.
On August 4, 2003, the cash surrender value of the Dr.
Durante policy was $17,635.98, and the death benefit was
$1,864,269. The Dr. Durante policy had no value once it expired
on February 1, 2005. From December 28, 1993, through February 1,
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Last modified: March 27, 2008