(Answered) Whole-life insurance policies typically can be surrendered

Accounting

Whole-life insurance policies typically can be surrendered while the insured is still alive in exchange for a determinable amount of money called the cash surrender value. When a company buys a life insurance policy on the life of a key officer to protect the company against the untimely loss of a valuable resource in the event the officer dies, how should the company account for the cash surrender value?

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